Pinnacle Financial Partners Inc Sells 679 Shares of Eli Lilly and Company (NYSE:LLY)

Pinnacle Financial Partners Inc trimmed its holdings in shares of Eli Lilly and Company (NYSE:LLY) by 1.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 35,282 shares of the company’s stock after selling 679 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Eli Lilly and Company were worth $27,238,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. CWA Asset Management Group LLC lifted its holdings in Eli Lilly and Company by 11.9% during the 4th quarter. CWA Asset Management Group LLC now owns 6,794 shares of the company’s stock valued at $5,245,000 after purchasing an additional 724 shares during the last quarter. Centerpoint Advisory Group bought a new position in Eli Lilly and Company during the 4th quarter valued at about $514,000. M&T Bank Corp lifted its holdings in Eli Lilly and Company by 0.7% during the 3rd quarter. M&T Bank Corp now owns 266,822 shares of the company’s stock valued at $236,389,000 after purchasing an additional 1,867 shares during the last quarter. Kentucky Trust Co bought a new position in Eli Lilly and Company during the 4th quarter valued at about $834,000. Finally, Cooper Financial Group lifted its holdings in Eli Lilly and Company by 35.5% during the 4th quarter. Cooper Financial Group now owns 2,655 shares of the company’s stock valued at $2,050,000 after purchasing an additional 695 shares during the last quarter. 82.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LLY. Barclays cut their price target on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft cut their price target on shares of Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating for the company in a report on Monday, November 4th. Leerink Partners set a $950.00 price target on shares of Eli Lilly and Company in a report on Friday, January 17th. Redburn Atlantic upgraded shares of Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Finally, 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. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,000.28.

Eli Lilly and Company Stock Up 0.1 %

Shares of NYSE:LLY opened at $874.12 on Friday. Eli Lilly and Company has a one year low of $711.40 and a one year high of $972.53. The company has a 50 day moving average of $801.33 and a 200-day moving average of $847.13. 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 stock has a market cap of $828.82 billion, a price-to-earnings ratio of 74.65, a P/E/G ratio of 1.40 and a beta of 0.42.

Eli Lilly and Company (NYSE:LLY) last issued its quarterly earnings results on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing the consensus estimate 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%. On average, sell-side analysts forecast that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be issued a dividend of $1.50 per share. The ex-dividend date is Friday, February 14th. This represents a $6.00 dividend on an annualized basis and a yield of 0.69%. This is a boost from Eli Lilly and Company’s previous quarterly dividend of $1.30. Eli Lilly and Company’s payout ratio is currently 51.24%.

Eli Lilly and Company declared that its Board of Directors has initiated a share buyback plan 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 plans are typically an indication that the company’s board believes its shares are undervalued.

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.