Savant Capital LLC has raised its stake in Eli Lilly and Company (NYSE: LLY) by 3.6% during the second quarter of 2023, according to reports from HoldingsChannel.com. The investment firm now holds 53,587 shares, having acquired an additional 1,857 shares during this period. The total value of Savant Capital’s holdings in Eli Lilly amounted to approximately $41.77 million at the end of the most recent quarter. This move comes as part of a broader trend, with several hedge funds adjusting their positions in the pharmaceutical giant.
Wealth Preservation Advisors LLC initiated a new position in Eli Lilly during the first quarter, with an investment valued at around $27,000. Meanwhile, Blume Capital Management Inc. increased its holdings by an impressive 46.7% in the second quarter, bringing its total to 44 shares worth about $34,000. IMG Wealth Management Inc. and Financial Gravity Asset Management Inc. also purchased new positions valued at $35,000 and $40,000, respectively. In addition, TD Capital Management LLC lifted its stake by an extraordinary 129.2% during the first quarter, now owning 55 shares valued at $46,000. Overall, hedge funds and institutional investors now control 82.53% of Eli Lilly’s stock.
Insider Transactions Highlight Executive Confidence
In a separate development, Eli Lilly’s Executive Vice President, Daniel Skovronsky, purchased 1,000 shares on August 12, 2023, at an average price of $634.40 each, totaling $634,400. Following this transaction, Skovronsky’s holdings increased to 137,660 shares, valued at approximately $87.33 million. This purchase represents a 0.73% increase in his position. The details of this transaction were disclosed in a legal filing with the Securities and Exchange Commission.
Additionally, Director J Erik Fyrwald acquired 1,565 shares on the same date, paying an average of $642.33 per share, for a total of $1.01 million. After this acquisition, Fyrwald owns 74,578 shares, valued at around $47.90 million, marking a 2.14% increase in his holdings. In total, insiders have purchased 4,314 shares of Eli Lilly stock over the last quarter, valued at $2.77 million, with company insiders owning 0.14% of the stock.
Eli Lilly Reports Strong Earnings and Dividend Plans
Eli Lilly announced its earnings results on October 30, 2023, reporting earnings per share (EPS) of $7.02, exceeding the consensus estimate of $6.42 by $0.60. The company recorded revenue of $17.60 billion for the quarter, significantly higher than analyst estimates of $16.09 billion. Eli Lilly’s net margin stood at 25.91%, and it achieved a return on equity of 92.72%. The firm’s quarterly revenue reflects a remarkable increase of 53.9% compared to the same quarter last year, when the company earned $1.18 per share.
Looking ahead, Eli Lilly has set its fiscal year 2025 guidance between $23.00 and $23.70 EPS. Analysts predict the company will post an EPS of $23.48 for the current fiscal year.
In addition, the firm recently declared a quarterly dividend of $1.50 per share, which will be paid on December 10, 2023. Shareholders of record on November 14, 2023, will receive this dividend, representing an annualized total of $6.00 and a yield of 0.6%. Eli Lilly’s dividend payout ratio is currently 29.35%.
Several research analysts have provided insights into Eli Lilly’s stock. UBS Group has reduced its target price from $1,050.00 to $895.00 while maintaining a “buy” rating. Deutsche Bank Aktiengesellschaft lowered its target price from $1,010.00 to $900.00, also issuing a “buy” rating. Conversely, Leerink Partners downgraded the stock from a “strong-buy” to a “hold” rating. As of now, one equity research analyst has rated Eli Lilly with a Strong Buy, fifteen analysts have given it a Buy rating, and eight have issued a Hold rating. The average rating stands at “Moderate Buy,” with a consensus target price of $950.00.
Eli Lilly and Company is a global leader in pharmaceuticals, focusing on discovering, developing, and marketing medications for various health conditions. Its portfolio includes treatments for diabetes, obesity, and other serious medical conditions.
