State of New Jersey Common Pension Fund D Cuts Stock Position in Eli Lilly and Company (NYSE:LLY)

State of New Jersey Common Pension Fund D lowered its holdings in Eli Lilly and Company (NYSE:LLY) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 271,759 shares of the company’s stock after selling 25,551 shares during the period. Eli Lilly and Company comprises 1.0% of State of New Jersey Common Pension Fund D’s holdings, making the stock its 16th largest position. State of New Jersey Common Pension Fund D’s holdings in Eli Lilly and Company were worth $224,448,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. PNC Financial Services Group Inc. lifted its position in shares of Eli Lilly and Company by 97.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 101,305,650 shares of the company’s stock valued at $83,669,349,000 after buying an additional 50,002,551 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Eli Lilly and Company by 103,831.6% during the 1st quarter. GAMMA Investing LLC now owns 14,866,380 shares of the company’s stock valued at $12,278,292,000 after purchasing an additional 14,852,076 shares during the period. Nuveen LLC bought a new stake in shares of Eli Lilly and Company during the 1st quarter valued at $4,613,912,000. Vanguard Group Inc. raised its stake in shares of Eli Lilly and Company by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 79,224,392 shares of the company’s stock valued at $65,432,218,000 after purchasing an additional 4,975,395 shares during the period. Finally, Capital International Investors raised its stake in shares of Eli Lilly and Company by 23.2% during the 4th quarter. Capital International Investors now owns 8,730,758 shares of the company’s stock valued at $6,740,272,000 after purchasing an additional 1,645,222 shares during the period. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on LLY. Guggenheim decreased their price objective on Eli Lilly and Company from $942.00 to $875.00 and set a “buy” rating on the stock in a research note on Wednesday. Leerink Partnrs lowered Eli Lilly and Company from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Cantor Fitzgerald set a $825.00 price objective on Eli Lilly and Company and gave the company an “overweight” rating in a research note on Wednesday. Hsbc Global Res lowered Eli Lilly and Company from a “strong-buy” rating to a “moderate sell” rating in a research note on Monday, April 28th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Eli Lilly and Company from $1,010.00 to $900.00 and set a “buy” rating on the stock in a research note on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $964.88.

Insider Activity at Eli Lilly and Company

In related news, CEO David A. Ricks bought 1,632 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average cost of $644.77 per share, for a total transaction of $1,052,264.64. Following the acquisition, the chief executive officer directly owned 546,601 shares of the company’s stock, valued at $352,431,926.77. The trade was a 0.30% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director J Erik Fyrwald bought 1,565 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average price of $642.33 per share, with a total value of $1,005,246.45. Following the completion of the acquisition, the director directly owned 74,578 shares in the company, valued at $47,903,686.74. This trade represents a 2.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 4,514 shares of company stock worth $2,894,841 over the last three months. Corporate insiders own 0.13% of the company’s stock.

Eli Lilly and Company Price Performance

Shares of Eli Lilly and Company stock opened at $685.27 on Friday. The company has a current ratio of 1.28, a quick ratio of 1.00 and a debt-to-equity ratio of 1.86. The firm has a market capitalization of $648.58 billion, a PE ratio of 44.79, a price-to-earnings-growth ratio of 0.93 and a beta of 0.44. The business’s 50-day moving average price is $765.92 and its 200-day moving average price is $795.40. Eli Lilly and Company has a 12 month low of $623.78 and a 12 month high of $972.53.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Thursday, August 7th. The company reported $6.31 EPS for the quarter, beating the consensus estimate of $5.59 by $0.72. The firm had revenue of $15.56 billion for the quarter, compared to analyst estimates of $14.40 billion. Eli Lilly and Company had a return on equity of 92.72% and a net margin of 25.91%. The company’s revenue was up 37.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.92 EPS. Sell-side analysts forecast that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be issued a dividend of $1.50 per share. The ex-dividend date is Friday, August 15th. This represents a $6.00 annualized dividend and a yield of 0.9%. Eli Lilly and Company’s dividend payout ratio is currently 39.22%.

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.