Frisch Financial Group Inc. has increased its holdings in Eli Lilly and Company (NYSE: LLY) by 32.1% during the second quarter, according to its recent 13F filing with the Securities and Exchange Commission. The institutional investor now owns 2,782 shares of Eli Lilly after acquiring an additional 676 shares during this period, bringing the total value of their holdings to approximately $2.169 million.
This move reflects a broader trend among institutional investors, as several hedge funds have recently adjusted their positions in Eli Lilly. For instance, Vanguard Group Inc. raised its investment in the company by 1.5%, now controlling 80,407,430 shares valued at around $62.68 billion after purchasing 1,183,038 shares in the same quarter. Similarly, Wellington Management Group LLP increased its stake by 0.6%, now owning 12,707,512 shares worth approximately $10.50 billion.
Another significant change came from Laurel Wealth Advisors LLC, which dramatically increased its stake by 78,621.2%, with a new total of 11,552,336 shares valued at $9.01 billion. Additionally, Norges Bank entered the market with a new stake valued at about $8.83 billion, while Jennison Associates LLC raised its holdings by 4.3%, acquiring an additional 226,620 shares.
Market Performance and Dividend Announcement
Eli Lilly’s stock opened at $993.51 on Thursday, with a market capitalization of approximately $939.25 billion. The stock has seen a price-to-earnings ratio of 48.61 and a PEG ratio of 1.09. Over the past year, shares have fluctuated between a low of $623.78 and a high of $1,111.99. The company reported a 50-day simple moving average of $931.98 and a 200-day simple moving average of $815.46. Notably, Eli Lilly’s debt-to-equity ratio stands at 1.71, with a current ratio of 1.55 and a quick ratio of 1.24.
In a recent announcement, Eli Lilly declared a quarterly dividend of $1.73, set to be paid on March 10, 2024, to shareholders recorded by February 13, 2024. This dividend represents an annualized payout of $6.92, yielding 0.7%. This is an increase from the previous quarterly dividend of $1.50, with a payout ratio of 29.35%.
Analyst Ratings and Future Outlook
Recent reports from analysts indicate a positive outlook for Eli Lilly. Leerink Partners upgraded the company from a “market perform” to an “outperform” rating, raising the target price from $886.00 to $1,104.00. Berenberg Bank also raised its price target from $830.00 to $950.00 while maintaining a “hold” rating. Further enhancing the optimistic sentiment, Morgan Stanley increased its target price from $1,171.00 to $1,290.00, assigning an “overweight” rating.
In total, three investment analysts have issued a “Strong Buy” rating, sixteen have rated it as a “Buy”, and six have assigned a “Hold” rating. The average rating currently stands at “Moderate Buy,” with a consensus target price of $1,109.24, according to data from MarketBeat.com.
Eli Lilly and Company is a leader in the pharmaceutical industry, focusing on the discovery, development, and marketing of human pharmaceuticals across the globe. The company offers a wide range of products, including medications for diabetes and obesity, such as Basaglar, Humalog, Jardiance, and Mounjaro. As it expands its portfolio and investor interest grows, Eli Lilly appears positioned for continued growth and success in the coming quarters.
