Covea Finance Makes New Investment in Eli Lilly and Company (NYSE:LLY)

Covea Finance acquired a new position in Eli Lilly and Company (NYSE:LLY) during the first quarter, HoldingsChannel reports. The institutional investor acquired 31,100 shares of the company’s stock, valued at approximately $25,686,000. Eli Lilly and Company accounts for 1.2% of Covea Finance’s portfolio, making the stock its 28th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new stake in Eli Lilly and Company in the fourth quarter worth about $43,000. FPC Investment Advisory Inc. grew its holdings in Eli Lilly and Company by 358.3% in the fourth quarter. FPC Investment Advisory Inc. now owns 55 shares of the company’s stock worth $45,000 after purchasing an additional 43 shares during the period. Prudent Man Investment Management Inc. purchased a new stake in Eli Lilly and Company in the fourth quarter worth about $48,000. Highline Wealth Partners LLC grew its holdings in shares of Eli Lilly and Company by 53.3% during the first quarter. Highline Wealth Partners LLC now owns 69 shares of the company’s stock valued at $57,000 after buying an additional 24 shares during the last quarter. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Eli Lilly and Company during the fourth quarter valued at approximately $63,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Stock Down 2.8%

LLY opened at $763.43 on Friday. The company has a current ratio of 1.37, a quick ratio of 1.06 and a debt-to-equity ratio of 2.18. Eli Lilly and Company has a 1-year low of $677.09 and a 1-year high of $972.53. The company has a market capitalization of $723.53 billion, a PE ratio of 62.12, a PEG ratio of 1.15 and a beta of 0.40. The firm’s 50 day simple moving average is $780.48 and its two-hundred day simple moving average is $801.13.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Thursday, May 1st. The company reported $3.34 earnings per share for the quarter, missing the consensus estimate of $4.64 by ($1.30). Eli Lilly and Company had a return on equity of 85.51% and a net margin of 22.67%. The business had revenue of $12.73 billion during the quarter, compared to the consensus estimate of $12.77 billion. During the same quarter in the previous year, the business posted $2.58 earnings per share. The firm’s revenue was up 45.2% on a year-over-year basis. As a group, equities analysts forecast that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 16th were given a $1.50 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $6.00 annualized dividend and a yield of 0.79%. Eli Lilly and Company’s payout ratio is presently 48.82%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LLY. The Goldman Sachs Group upgraded shares of Eli Lilly and Company from a “neutral” rating to a “buy” rating and cut their price target for the company from $892.00 to $888.00 in a report on Tuesday, April 8th. Morgan Stanley reiterated an “overweight” rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. HSBC cut shares of Eli Lilly and Company from a “buy” rating to a “reduce” rating and cut their price target for the company from $1,150.00 to $700.00 in a report on Monday, April 28th. Wells Fargo & Company reiterated an “overweight” rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. Finally, Guggenheim reiterated a “buy” rating and set a $936.00 price target on shares of Eli Lilly and Company in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Eli Lilly and Company has an average rating of “Moderate Buy” and a consensus target price of $1,011.79.

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.