Wallace Capital Management Inc. Cuts Position in Eli Lilly and Company (NYSE:LLY)

Wallace Capital Management Inc. lessened its holdings in shares of Eli Lilly and Company (NYSE:LLY) by 16.3% in the second quarter, Holdings Channel reports. The firm owned 1,030 shares of the company’s stock after selling 200 shares during the period. Wallace Capital Management Inc.’s holdings in Eli Lilly and Company were worth $933,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aveo Capital Partners LLC boosted its position in shares of Eli Lilly and Company by 8.2% in the fourth quarter. Aveo Capital Partners LLC now owns 2,020 shares of the company’s stock worth $1,178,000 after buying an additional 153 shares during the period. J. W. Coons Advisors LLC lifted its position in Eli Lilly and Company by 4.0% during the 4th quarter. J. W. Coons Advisors LLC now owns 2,324 shares of the company’s stock worth $1,355,000 after acquiring an additional 90 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Eli Lilly and Company by 27.9% in the 4th quarter. Jones Financial Companies Lllp now owns 9,024 shares of the company’s stock worth $5,260,000 after acquiring an additional 1,967 shares during the period. CWA Asset Management Group LLC grew its position in Eli Lilly and Company by 32.7% in the fourth quarter. CWA Asset Management Group LLC now owns 3,272 shares of the company’s stock valued at $1,907,000 after acquiring an additional 807 shares in the last quarter. Finally, NEOS Investment Management LLC grew its position in Eli Lilly and Company by 65.7% in the fourth quarter. NEOS Investment Management LLC now owns 12,673 shares of the company’s stock valued at $7,387,000 after acquiring an additional 5,025 shares in the last quarter. 82.53% of the stock is owned by institutional investors and hedge funds.

Eli Lilly and Company Price Performance

NYSE:LLY opened at $877.79 on Monday. The company has a quick ratio of 0.87, a current ratio of 1.11 and a debt-to-equity ratio of 1.74. The business’s 50-day moving average price is $896.10 and its 200 day moving average price is $844.12. Eli Lilly and Company has a 52-week low of $516.57 and a 52-week high of $972.53. The firm has a market cap of $834.26 billion, a P/E ratio of 129.28, a PEG ratio of 2.78 and a beta of 0.42.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Thursday, August 8th. The company reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $11.30 billion during the quarter, compared to analyst estimates of $9.83 billion. As a group, sell-side analysts predict that Eli Lilly and Company will post 16.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Lilly Endowment Inc sold 52,369 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $915.18, for a total transaction of $47,927,061.42. Following the transaction, the insider now owns 97,247,403 shares in the company, valued at approximately $88,998,878,277.54. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 364,810 shares of company stock worth $339,366,198. Insiders own 0.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Eli Lilly and Company from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $725.00 to $1,025.00 in a report on Monday, August 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $885.00 price target on shares of Eli Lilly and Company in a report on Monday, September 16th. Truist Financial reiterated a “buy” rating and set a $1,000.00 price objective (up from $892.00) on shares of Eli Lilly and Company in a research note on Tuesday, June 25th. Barclays upped their target price on shares of 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. Finally, Citigroup initiated coverage on Eli Lilly and Company in a research note on Friday, September 13th. They set a “buy” rating and a $1,060.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $977.35.

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.