Sawgrass Asset Management LLC Reduces Stake in Eli Lilly and Company (NYSE:LLY)

Sawgrass Asset Management LLC lessened its holdings in shares of Eli Lilly and Company (NYSE:LLY) by 8.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,029 shares of the company’s stock after selling 1,232 shares during the period. Eli Lilly and Company accounts for approximately 1.4% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Sawgrass Asset Management LLC’s holdings in Eli Lilly and Company were worth $11,587,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in LLY. Mascagni Wealth Management Inc. acquired a new stake in Eli Lilly and Company during the fourth quarter worth approximately $43,000. Prudent Man Investment Management Inc. purchased a new position in shares of Eli Lilly and Company in the 4th quarter valued at $48,000. Highline Wealth Partners LLC raised its stake in Eli Lilly and Company by 53.3% during the 1st quarter. Highline Wealth Partners LLC now owns 69 shares of the company’s stock worth $57,000 after acquiring an additional 24 shares in the last quarter. Capital A Wealth Management LLC acquired a new stake in Eli Lilly and Company during the 4th quarter worth $63,000. Finally, Bellwether Advisors LLC purchased a new stake in Eli Lilly and Company in the fourth quarter valued at $66,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Stock Up 1.0%

Shares of Eli Lilly and Company stock opened at $770.16 on Tuesday. The company has a market cap of $729.91 billion, a P/E ratio of 62.67, a PEG ratio of 1.11 and a beta of 0.41. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.06 and a current ratio of 1.37. Eli Lilly and Company has a one year low of $677.09 and a one year high of $972.53. The firm has a fifty day moving average of $780.81 and a two-hundred day moving average of $800.36.

Eli Lilly and Company (NYSE:LLY) last issued its quarterly earnings results on Thursday, May 1st. The company reported $3.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.64 by ($1.30). The firm had revenue of $12.73 billion for the quarter, compared to analyst estimates of $12.77 billion. Eli Lilly and Company had a return on equity of 85.51% and a net margin of 22.67%. The company’s revenue was up 45.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.58 earnings per share. On average, analysts forecast that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.78%. Eli Lilly and Company’s dividend payout ratio (DPR) is 48.82%.

Analyst Upgrades and Downgrades

LLY has been the topic of several research reports. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. Cantor Fitzgerald initiated coverage on Eli Lilly and Company in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $975.00 target price for the company. The Goldman Sachs Group raised Eli Lilly and Company from a “neutral” rating to a “buy” rating and cut their price target for the stock from $892.00 to $888.00 in a research report on Tuesday, April 8th. Erste Group Bank cut Eli Lilly and Company from a “buy” rating to a “hold” rating in a research note on Thursday, June 5th. Finally, HSBC lowered shares of Eli Lilly and Company from a “buy” rating to a “reduce” rating and lowered their target price for the stock from $1,150.00 to $700.00 in a research report on Monday, April 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,011.79.

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.