Kornitzer Capital Management Inc. KS Has $119.69 Million Stock Position in Eli Lilly and Company (NYSE:LLY)

Kornitzer Capital Management Inc. KS reduced its stake in shares of Eli Lilly and Company (NYSE:LLY) by 3.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 132,200 shares of the company’s stock after selling 5,197 shares during the quarter. Eli Lilly and Company comprises about 2.3% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 2nd biggest position. Kornitzer Capital Management Inc. KS’s holdings in Eli Lilly and Company were worth $119,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LLY. AMJ Financial Wealth Management purchased a new position in Eli Lilly and Company in the fourth quarter worth $201,000. Providence First Trust Co acquired a new stake in shares of Eli Lilly and Company during the fourth quarter worth $274,000. Aveo Capital Partners LLC grew its holdings in shares of Eli Lilly and Company by 8.2% during the fourth quarter. Aveo Capital Partners LLC now owns 2,020 shares of the company’s stock valued at $1,178,000 after buying an additional 153 shares during the last quarter. Gryphon Financial Partners LLC increased its position in shares of Eli Lilly and Company by 19.4% in the 4th quarter. Gryphon Financial Partners LLC now owns 2,324 shares of the company’s stock valued at $1,355,000 after acquiring an additional 377 shares during the period. Finally, Bogart Wealth LLC raised its stake in Eli Lilly and Company by 61.5% in the 4th quarter. Bogart Wealth LLC now owns 289 shares of the company’s stock worth $168,000 after acquiring an additional 110 shares during the last quarter. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Eli Lilly and Company news, major shareholder Lilly Endowment Inc sold 75,510 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $860.78, for a total transaction of $64,997,497.80. Following the sale, the insider now directly owns 97,793,810 shares in the company, valued at approximately $84,178,955,771.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders have sold 876,900 shares of company stock worth $788,605,032 over the last three months. Company insiders own 0.13% of the company’s stock.

Eli Lilly and Company Trading Down 3.3 %

Shares of Eli Lilly and Company stock traded down $31.12 on Thursday, reaching $915.19. The company had a trading volume of 1,567,093 shares, compared to its average volume of 3,051,438. The firm’s 50 day moving average price is $895.96 and its two-hundred day moving average price is $826.05. The company has a debt-to-equity ratio of 1.74, a quick ratio of 0.87 and a current ratio of 1.11. Eli Lilly and Company has a 52-week low of $516.57 and a 52-week high of $972.53. The firm has a market cap of $869.80 billion, a PE ratio of 135.82, a PEG ratio of 2.91 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Thursday, August 8th. The company reported $3.92 earnings per share for the quarter, beating the consensus estimate of $2.64 by $1.28. Eli Lilly and Company had a net margin of 18.86% and a return on equity of 67.52%. The firm had revenue of $11.30 billion during the quarter, compared to the consensus estimate of $9.83 billion. Sell-side analysts predict that Eli Lilly and Company will post 16.51 earnings per share for the current fiscal year.

Eli Lilly and Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th will be paid a dividend of $1.30 per share. The ex-dividend date is Thursday, August 15th. This represents a $5.20 dividend on an annualized basis and a yield of 0.57%. Eli Lilly and Company’s dividend payout ratio (DPR) is presently 76.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on LLY shares. Truist Financial reiterated a “buy” rating and issued a $1,000.00 target price (up previously from $892.00) on shares of Eli Lilly and Company in a research report on Tuesday, June 25th. Bank of America increased their price target on Eli Lilly and Company from $1,000.00 to $1,125.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. BMO Capital Markets boosted their price target on Eli Lilly and Company from $1,001.00 to $1,101.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Jefferies Financial Group raised their price objective on shares of Eli Lilly and Company from $994.00 to $1,015.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Finally, Deutsche Bank Aktiengesellschaft upgraded Eli Lilly and Company from a “hold” rating to a “buy” rating and raised their target price for the company from $725.00 to $1,025.00 in a research report on Monday, August 12th. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $961.76.

Eli Lilly and Company Profile

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.