Peapack Gladstone Financial Corp Trims Stock Position in Eli Lilly and Company (NYSE:LLY)

Peapack Gladstone Financial Corp reduced its stake in shares of Eli Lilly and Company (NYSE:LLY) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,627 shares of the company’s stock after selling 3,315 shares during the quarter. Eli Lilly and Company makes up about 0.9% of Peapack Gladstone Financial Corp’s holdings, making the stock its 23rd biggest holding. Peapack Gladstone Financial Corp’s holdings in Eli Lilly and Company were worth $65,230,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Tidal Investments LLC increased its position in Eli Lilly and Company by 20.5% during the 3rd quarter. Tidal Investments LLC now owns 49,562 shares of the company’s stock valued at $43,909,000 after purchasing an additional 8,424 shares during the period. Optimist Retirement Group LLC grew its position in shares of Eli Lilly and Company by 20.2% in the 3rd quarter. Optimist Retirement Group LLC now owns 3,164 shares of the company’s stock worth $2,803,000 after buying an additional 531 shares during the period. Blankinship & Foster LLC purchased a new stake in shares of Eli Lilly and Company in the 3rd quarter worth about $78,003,000. Destination Wealth Management grew its position in shares of Eli Lilly and Company by 1,373.9% in the 3rd quarter. Destination Wealth Management now owns 27,326 shares of the company’s stock worth $24,209,000 after buying an additional 25,472 shares during the period. Finally, Wilmington Savings Fund Society FSB grew its position in shares of Eli Lilly and Company by 132.7% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 40,055 shares of the company’s stock worth $35,486,000 after buying an additional 22,840 shares during the period. 82.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Eli Lilly and Company Trading Down 1.7 %

Shares of NYSE:LLY opened at $782.35 on Friday. Eli Lilly and Company has a 12-month low of $561.65 and a 12-month high of $972.53. The company has a market capitalization of $742.70 billion, a PE ratio of 84.58, a PEG ratio of 3.02 and a beta of 0.41. The business has a 50 day moving average of $835.43 and a two-hundred day moving average of $870.78. 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 (NYSE:LLY) last announced its earnings results 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). The business had revenue of $11.44 billion for the quarter, compared to analyst estimates of $12.09 billion. Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 earnings per share. As a group, analysts forecast that Eli Lilly and Company will post 13.18 EPS for the current year.

Eli Lilly and Company declared that its board has authorized a share repurchase program on Monday, December 9th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Eli Lilly and Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 0.77%. This is a boost from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Friday, February 14th. Eli Lilly and Company’s payout ratio is presently 56.22%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Evercore ISI raised shares of Eli Lilly and Company to a “hold” rating in a research report on Thursday, September 5th. Bank of America reaffirmed a “buy” rating and issued a $997.00 target price on shares of Eli Lilly and Company in a research report on Tuesday. Morgan Stanley reiterated an “overweight” rating and issued a $1,106.00 price target on shares of Eli Lilly and Company in a research note on Tuesday, August 27th. Redburn Atlantic upgraded shares of Eli Lilly and Company to a “hold” rating in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. upped their price target on shares of Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Eli Lilly and Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,002.22.

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.