Pinnacle West Asset Management Inc. Reduces Holdings in Eli Lilly and Company (NYSE:LLY)

Pinnacle West Asset Management Inc. trimmed its stake in shares of Eli Lilly and Company (NYSE:LLY) by 2.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,425 shares of the company’s stock after selling 120 shares during the quarter. Eli Lilly and Company comprises 2.4% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 8th biggest position. Pinnacle West Asset Management Inc.’s holdings in Eli Lilly and Company were worth $3,416,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LLY. Peterson Financial Group Inc. bought a new stake in shares of Eli Lilly and Company in the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Eli Lilly and Company in the 3rd quarter worth approximately $30,000. Highline Wealth Partners LLC raised its holdings in shares of Eli Lilly and Company by 80.0% in the 4th quarter. Highline Wealth Partners LLC now owns 45 shares of the company’s stock worth $35,000 after purchasing an additional 20 shares in the last quarter. Kovitz Investment Group Partners LLC raised its holdings in shares of Eli Lilly and Company by 117.1% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 46,132 shares of the company’s stock worth $41,000 after purchasing an additional 24,879 shares in the last quarter. Finally, FPC Investment Advisory Inc. raised its holdings in shares of Eli Lilly and Company by 358.3% in the 4th quarter. FPC Investment Advisory Inc. now owns 55 shares of the company’s stock worth $45,000 after purchasing an additional 43 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Redburn Atlantic upgraded shares of Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Wells Fargo & Company reduced their price target on shares of Eli Lilly and Company from $1,000.00 to $970.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Bank of America restated a “buy” rating and issued a $997.00 price target on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Barclays reduced their price target on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Finally, Citigroup reduced their price target on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,000.28.

Eli Lilly and Company Stock Up 2.4 %

Eli Lilly and Company stock opened at $902.47 on Wednesday. The firm’s 50 day moving average price is $805.87 and its two-hundred day moving average price is $847.99. Eli Lilly and Company has a twelve month low of $711.40 and a twelve month high of $972.53. The firm has a market cap of $855.69 billion, a PE ratio of 77.07, a P/E/G ratio of 1.40 and a beta of 0.42. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.97 and a current ratio of 1.15.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings results on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. On average, research analysts predict that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company declared that its Board of Directors has approved a stock buyback program on Monday, December 9th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Eli Lilly and Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a dividend of $1.50 per share. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.00 annualized dividend and a dividend yield of 0.66%. Eli Lilly and Company’s dividend payout ratio is 51.24%.

About Eli Lilly and Company

Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. The company offers Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity.