Granite Investment Partners LLC Lowers Stock Position in Eli Lilly and Company (NYSE:LLY)

Granite Investment Partners LLC lowered its position in shares of Eli Lilly and Company (NYSE:LLY) by 0.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,177 shares of the company’s stock after selling 64 shares during the quarter. Eli Lilly and Company comprises approximately 1.4% of Granite Investment Partners LLC’s portfolio, making the stock its 11th biggest position. Granite Investment Partners LLC’s holdings in Eli Lilly and Company were worth $34,565,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital Planning LLC purchased a new position in shares of Eli Lilly and Company in the 1st quarter worth about $262,000. CHURCHILL MANAGEMENT Corp purchased a new position in shares of Eli Lilly and Company in the 1st quarter worth about $6,916,000. M&G Plc purchased a new position in shares of Eli Lilly and Company in the 1st quarter worth about $8,896,000. IPG Investment Advisors LLC purchased a new position in shares of Eli Lilly and Company in the 4th quarter worth about $351,000. Finally, HighPoint Advisor Group LLC purchased a new position in shares of Eli Lilly and Company in the 4th quarter worth about $9,878,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Insider Transactions at Eli Lilly and Company

In related news, major shareholder Lilly Endowment Inc sold 210,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $939.82, for a total transaction of $197,362,200.00. Following the sale, the insider now owns 96,943,810 shares of the company’s stock, valued at $91,109,731,514.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 442,229 shares of company stock valued at $410,002,456. 0.13% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on LLY shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $885.00 price objective on shares of Eli Lilly and Company in a report on Monday. Barclays boosted their price target on Eli Lilly and Company from $913.00 to $1,025.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Berenberg Bank boosted their price target on Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Guggenheim boosted their price target on Eli Lilly and Company from $884.00 to $1,030.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Finally, 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 research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $977.35.

Eli Lilly and Company Stock Performance

Shares of Eli Lilly and Company stock opened at $915.04 on Friday. The stock’s fifty day moving average is $895.62 and its two-hundred day moving average is $836.99. The company has a market capitalization of $869.66 billion, a PE ratio of 134.76, a price-to-earnings-growth ratio of 2.79 and a beta of 0.42. The company has a quick ratio of 0.87, a current ratio of 1.11 and a debt-to-equity ratio of 1.74. Eli Lilly and Company has a 52 week low of $516.57 and a 52 week high of $972.53.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Thursday, August 8th. The company reported $3.92 EPS for the quarter, beating the consensus estimate of $2.64 by $1.28. Eli Lilly and Company had a return on equity of 67.52% and a net margin of 18.86%. The company had revenue of $11.30 billion for the quarter, compared to the consensus estimate of $9.83 billion. As a group, analysts expect that Eli Lilly and Company will post 16.49 earnings per share for the current year.

Eli Lilly and Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Thursday, August 15th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend was Thursday, August 15th. Eli Lilly and Company’s payout ratio is 76.58%.

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.