Vestcor Inc Trims Stock Position in Eli Lilly and Company (NYSE:LLY)

Vestcor Inc trimmed its holdings in Eli Lilly and Company (NYSE:LLY) by 2.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,371 shares of the company’s stock after selling 1,316 shares during the period. Eli Lilly and Company comprises about 1.3% of Vestcor Inc’s investment portfolio, making the stock its 6th largest holding. Vestcor Inc’s holdings in Eli Lilly and Company were worth $41,968,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Chesley Taft & Associates LLC boosted its position in Eli Lilly and Company by 5.4% during the 2nd quarter. Chesley Taft & Associates LLC now owns 22,553 shares of the company’s stock worth $20,419,000 after acquiring an additional 1,163 shares during the last quarter. OMNI 360 Wealth Inc. acquired a new position in Eli Lilly and Company during the second quarter worth $239,000. Long Run Wealth Advisors LLC bought a new position in Eli Lilly and Company in the second quarter valued at $209,000. Essex Financial Services Inc. increased its stake in Eli Lilly and Company by 5.8% in the 2nd quarter. Essex Financial Services Inc. now owns 28,183 shares of the company’s stock valued at $25,517,000 after buying an additional 1,556 shares during the last quarter. Finally, Franklin Street Advisors Inc. NC increased its stake in Eli Lilly and Company by 1,420.5% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 28,449 shares of the company’s stock valued at $25,757,000 after buying an additional 26,578 shares during the last quarter. 82.53% of the stock is currently owned by institutional investors.

Insider Activity

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $803.38, for a total value of $723,042.00. Following the transaction, the chief accounting officer now directly owns 5,480 shares of the company’s stock, valued at $4,402,522.40. This trade represents a 14.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

LLY has been the subject of a number of recent research reports. Redburn Atlantic upgraded shares of Eli Lilly and Company to a “hold” rating in a research note on Monday, November 4th. Barclays decreased their price target on Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Berenberg Bank upped their price objective on Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Bank of America decreased their target price on shares of Eli Lilly and Company from $1,150.00 to $1,100.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley restated an “overweight” rating and set a $1,106.00 target price on shares of Eli Lilly and Company in a report on Tuesday, August 27th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, Eli Lilly and Company has a consensus rating of “Moderate Buy” and an average price target of $1,007.94.

Eli Lilly and Company Price Performance

Shares of NYSE LLY opened at $802.94 on Tuesday. The firm has a market cap of $762.25 billion, a P/E ratio of 86.80, a price-to-earnings-growth ratio of 3.13 and a beta of 0.41. The business’s 50 day moving average is $841.04 and its 200-day moving average is $871.97. The company has a current ratio of 1.27, a quick ratio of 0.97 and a debt-to-equity ratio of 2.03. Eli Lilly and Company has a 1-year low of $561.65 and a 1-year high of $972.53.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The firm had revenue of $11.44 billion for the quarter, compared to the consensus estimate of $12.09 billion. During the same quarter in the previous year, the business earned $0.10 EPS. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. Equities research analysts predict that Eli Lilly and Company will post 13.21 earnings per share for the current year.

Eli Lilly and Company declared that its Board of Directors has approved a stock repurchase plan on Monday, December 9th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the company to repurchase up to 2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are 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 given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.75%. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. Eli Lilly and Company’s payout ratio is presently 56.22%.

Eli Lilly and Company 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.