Peregrine Asset Advisers Inc. Trims Stake in Eli Lilly and Company (NYSE:LLY)

Peregrine Asset Advisers Inc. reduced its position in Eli Lilly and Company (NYSE:LLY) by 1.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,795 shares of the company’s stock after selling 32 shares during the quarter. Peregrine Asset Advisers Inc.’s holdings in Eli Lilly and Company were worth $2,308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Garner Asset Management Corp boosted its holdings in Eli Lilly and Company by 2.3% during the 4th quarter. Garner Asset Management Corp now owns 532 shares of the company’s stock valued at $411,000 after acquiring an additional 12 shares during the period. Brighton Jones LLC raised its position in shares of Eli Lilly and Company by 22.0% in the 4th quarter. Brighton Jones LLC now owns 9,597 shares of the company’s stock worth $7,409,000 after acquiring an additional 1,730 shares in the last quarter. Revolve Wealth Partners LLC increased its position in Eli Lilly and Company by 2.8% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,471 shares of the company’s stock valued at $1,136,000 after buying an additional 40 shares in the last quarter. Orion Capital Management LLC increased its position in Eli Lilly and Company by 2.5% during the 4th quarter. Orion Capital Management LLC now owns 1,610 shares of the company’s stock valued at $1,243,000 after buying an additional 40 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG increased its position in Eli Lilly and Company by 4.1% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 64,758 shares of the company’s stock valued at $49,993,000 after buying an additional 2,568 shares in the last quarter. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

Eli Lilly and Company Trading Up 1.3%

Shares of LLY stock opened at $771.78 on Monday. Eli Lilly and Company has a 12-month low of $677.09 and a 12-month high of $972.53. The company has a current ratio of 1.37, a quick ratio of 1.06 and a debt-to-equity ratio of 2.18. The stock’s 50-day moving average price is $767.03 and its 200-day moving average price is $800.17. The stock has a market capitalization of $731.44 billion, a price-to-earnings ratio of 62.80, a price-to-earnings-growth ratio of 1.12 and a beta of 0.40.

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

Eli Lilly and Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be issued a dividend of $1.50 per share. The ex-dividend date is Friday, August 15th. This represents a $6.00 dividend on an annualized basis and a yield of 0.78%. Eli Lilly and Company’s dividend payout ratio is currently 48.82%.

Analysts Set New Price Targets

LLY has been the subject of a number of analyst reports. HSBC lowered Eli Lilly and Company from a “buy” rating to a “reduce” rating and reduced their price objective for the company from $1,150.00 to $700.00 in a research report on Monday, April 28th. The Goldman Sachs Group upgraded Eli Lilly and Company from a “neutral” rating to a “buy” rating and cut their target price for the company from $892.00 to $888.00 in a research note on Tuesday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $1,135.00 target price (up from $1,133.00) on shares of Eli Lilly and Company in a research note on Thursday, July 10th. Wells Fargo & Company reiterated an “overweight” rating on shares of Eli Lilly and Company in a research note on Thursday, May 1st. Finally, Cantor Fitzgerald began coverage on Eli Lilly and Company in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $975.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,012.56.

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.