Patten Group Inc. Lowers Position in Eli Lilly and Company (NYSE:LLY)

Patten Group Inc. reduced its position in shares of Eli Lilly and Company (NYSE:LLY) by 2.3% in the 4th quarter, HoldingsChannel reports. The firm owned 2,893 shares of the company’s stock after selling 67 shares during the period. Patten Group Inc.’s holdings in Eli Lilly and Company were worth $2,233,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC raised its stake in shares of Eli Lilly and Company by 100,387.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,202,215 shares of the company’s stock worth $4,016,110,000 after buying an additional 5,197,038 shares in the last quarter. Integrated Investment Consultants LLC grew its holdings in Eli Lilly and Company by 37,140.7% during the third quarter. Integrated Investment Consultants LLC now owns 694,167 shares of the company’s stock worth $614,990,000 after acquiring an additional 692,303 shares during the period. Strategic Financial Concepts LLC grew its holdings in Eli Lilly and Company by 126,531.5% during the fourth quarter. Strategic Financial Concepts LLC now owns 678,745 shares of the company’s stock worth $523,991,000 after acquiring an additional 678,209 shares during the period. Mizuho Securities USA LLC raised its position in Eli Lilly and Company by 599.9% in the third quarter. Mizuho Securities USA LLC now owns 430,853 shares of the company’s stock worth $381,710,000 after acquiring an additional 369,293 shares in the last quarter. Finally, Holocene Advisors LP lifted its holdings in Eli Lilly and Company by 257.1% in the third quarter. Holocene Advisors LP now owns 437,603 shares of the company’s stock valued at $387,690,000 after acquiring an additional 315,065 shares during the period. Institutional investors and hedge funds own 82.53% of the company’s stock.

Eli Lilly and Company Price Performance

Eli Lilly and Company stock opened at $930.22 on Tuesday. The stock has a market capitalization of $882.01 billion, a P/E ratio of 79.44, a P/E/G ratio of 1.40 and a beta of 0.42. Eli Lilly and Company has a 12-month low of $711.40 and a 12-month high of $972.53. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 0.97. The firm’s 50-day moving average is $817.56 and its two-hundred day moving average is $848.11.

Eli Lilly and Company (NYSE:LLY) last announced its earnings results on Thursday, February 6th. The company reported $5.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. Equities analysts predict that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company declared that its board has authorized a stock buyback program on Monday, December 9th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Eli Lilly and Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a $1.50 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.65%. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. Eli Lilly and Company’s payout ratio is currently 51.24%.

Wall Street Analysts Forecast Growth

LLY has been the topic of a number of recent analyst reports. Citigroup lowered their price target on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. StockNews.com upgraded shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Bank of America reiterated a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Redburn Atlantic upgraded Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Finally, Truist Financial raised their price objective on Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus price target of $1,000.28.

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.