FARMERS & MERCHANTS TRUST Co OF LONG BEACH Sells 67 Shares of Eli Lilly and Company (NYSE:LLY)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH cut its stake in Eli Lilly and Company (NYSE:LLY) by 2.3% during the first quarter, HoldingsChannel reports. The firm owned 2,833 shares of the company’s stock after selling 67 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Eli Lilly and Company were worth $2,340,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Eli Lilly and Company by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 74,248,997 shares of the company’s stock worth $57,320,226,000 after acquiring an additional 475,530 shares in the last quarter. Geode Capital Management LLC grew its holdings in Eli Lilly and Company by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 17,382,846 shares of the company’s stock worth $13,389,651,000 after acquiring an additional 291,875 shares in the last quarter. GAMMA Investing LLC grew its holdings in 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 worth $12,278,292,000 after acquiring an additional 14,852,076 shares in the last quarter. Wellington Management Group LLP grew its holdings in Eli Lilly and Company by 19.0% during the 4th quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company’s stock worth $9,747,214,000 after acquiring an additional 2,012,129 shares in the last quarter. Finally, Norges Bank bought a new position in Eli Lilly and Company during the 4th quarter worth about $8,407,908,000. 82.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. The Goldman Sachs Group upgraded shares of Eli Lilly and Company from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $892.00 to $888.00 in a report on Tuesday, April 8th. Cantor Fitzgerald assumed coverage on shares of Eli Lilly and Company in a report on Tuesday, April 22nd. They set an “overweight” rating and a $975.00 target price on the stock. Hsbc Global Res cut shares of Eli Lilly and Company from a “strong-buy” rating to a “moderate sell” rating in a report on Monday, April 28th. Morgan Stanley reiterated an “overweight” rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. Finally, Guggenheim reiterated a “buy” rating on shares of Eli Lilly and Company in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,011.37.

Eli Lilly and Company Stock Performance

Shares of Eli Lilly and Company stock opened at $818.56 on Monday. The firm has a market capitalization of $775.78 billion, a P/E ratio of 69.90, a PEG ratio of 1.40 and a beta of 0.40. The company has a quick ratio of 0.97, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. The company has a 50 day moving average price of $775.43 and a 200 day moving average price of $801.69. Eli Lilly and Company has a 52 week low of $677.09 and a 52 week high of $972.53.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Thursday, May 1st. The company reported $3.34 EPS for the quarter, missing the consensus estimate of $4.64 by ($1.30). The company had revenue of $12.73 billion during the quarter, compared to analysts’ expectations of $12.77 billion. Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. The business’s revenue for the quarter was up 45.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.58 earnings per share. Sell-side analysts expect that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 16th were given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 0.73%. The ex-dividend date was Friday, May 16th. Eli Lilly and Company’s payout ratio is currently 48.82%.

About Eli Lilly and Company

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.