Clear Harbor Asset Management LLC Acquires 1,400 Shares of Eli Lilly and Company (NYSE:LLY)

Clear Harbor Asset Management LLC boosted its stake in shares of Eli Lilly and Company (NYSE:LLY) by 244.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,973 shares of the company’s stock after purchasing an additional 1,400 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Eli Lilly and Company were worth $1,523,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Peterson Financial Group Inc. bought a new stake in shares of Eli Lilly and Company in the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new stake in Eli Lilly and Company in the 3rd quarter valued at about $30,000. Highline Wealth Partners LLC grew its position in shares of Eli Lilly and Company by 80.0% during the 4th quarter. Highline Wealth Partners LLC now owns 45 shares of the company’s stock worth $35,000 after purchasing an additional 20 shares in the last quarter. Cedar Mountain Advisors LLC increased its holdings in shares of Eli Lilly and Company by 53.3% during the third quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock worth $41,000 after purchasing an additional 16 shares during the period. Finally, Kovitz Investment Group Partners LLC raised its position in shares of Eli Lilly and Company by 117.1% in the third quarter. Kovitz Investment Group Partners LLC now owns 46,132 shares of the company’s stock valued at $41,000 after buying an additional 24,879 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Eli Lilly and Company Stock Performance

NYSE:LLY opened at $753.65 on Thursday. The stock’s 50-day moving average is $777.46 and its 200-day moving average is $851.61. Eli Lilly and Company has a 1-year low of $614.82 and a 1-year high of $972.53. The company has a current ratio of 1.27, a quick ratio of 0.97 and a debt-to-equity ratio of 2.03. The stock has a market cap of $715.46 billion, a P/E ratio of 81.48, a price-to-earnings-growth ratio of 1.52 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.52 by ($0.34). The business had revenue of $11.44 billion during the quarter, compared to analyst estimates of $12.09 billion. Eli Lilly and Company had a net margin of 20.48% and a return on equity of 71.08%. The company’s revenue was up 20.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 earnings per share. Equities research analysts anticipate that Eli Lilly and Company will post 12.98 earnings per share for the current year.

Eli Lilly and Company declared that its board has initiated a stock repurchase program on Monday, December 9th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the company to reacquire up to 2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Eli Lilly and Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a dividend of $1.50 per share. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend is Friday, February 14th. Eli Lilly and Company’s dividend payout ratio (DPR) is currently 56.22%.

Insiders Place Their Bets

In other news, CAO Donald A. Zakrowski sold 900 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $803.38, for a total transaction of $723,042.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,480 shares in the company, valued at $4,402,522.40. This trade represents a 14.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LLY. Sanford C. Bernstein started coverage on Eli Lilly and Company in a research note on Thursday, October 17th. They set an “outperform” rating and a $1,100.00 price objective on the stock. StockNews.com upgraded Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Wednesday. Wolfe Research began coverage on shares of Eli Lilly and Company in a research report on Friday, November 15th. They set an “outperform” rating and a $1,000.00 price objective for the company. Bank of America reissued a “buy” rating and issued a $997.00 target price on shares of Eli Lilly and Company in a report on Tuesday, December 10th. Finally, Citigroup upped their price target on shares of Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,002.22.

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.