Rede Wealth LLC has taken a significant step by acquiring a new position in Eli Lilly and Company, purchasing 639 shares valued at approximately $487,000 during the third quarter of 2023. This move reflects a broader trend among institutional investors, who continue to show confidence in the pharmaceutical giant.
Other hedge funds have also recently adjusted their holdings in Eli Lilly. For instance, Sumitomo Mitsui Financial Group Inc. acquired a new position valued at $27,000 in the second quarter. Similarly, Evolution Wealth Management Inc. purchased shares worth around $29,000, while Steph & Co. significantly increased its stake by 290%, now owning 39 shares valued at $30,000. In addition, Bare Financial Services Inc. raised its stake by 263.6%, now holding 40 shares worth about $31,000. Currently, institutional investors collectively own 82.53% of Eli Lilly’s stock.
Analyst Ratings and Market Performance
Eli Lilly has garnered attention from various analysts, leading to a series of rating changes. According to a report by Zacks Research, the company was upgraded from a “hold” to a “strong-buy” rating on January 1, 2024. Additionally, Erste Group Bank raised its rating to “buy,” while Morgan Stanley increased its price target from $1,171.00 to $1,290.00, maintaining an “overweight” rating.
The stock has experienced fluctuations, with a recent opening price of $1,041.78. Eli Lilly’s 50-day moving average stands at $1,017.48, while its 200-day moving average is $853.10. The company recorded a one-year low of $623.78 and a high of $1,111.99. Its market capitalization is currently $984.88 billion, with a price-to-earnings (P/E) ratio of 50.97.
Recent Financial Highlights
Eli Lilly’s latest earnings report, released on October 30, 2023, revealed a strong performance. The company reported earnings per share (EPS) of $7.02, surpassing analysts’ expectations of $6.42 by $0.60. Revenue for the quarter reached $17.60 billion, compared to a consensus estimate of $16.09 billion, marking a year-over-year increase of 53.9%.
Looking ahead, Eli Lilly has set its fiscal year 2025 guidance at 23.000-23.700 EPS. Analysts forecast an average EPS of 23.48 for the current fiscal year.
In addition to its market performance, Eli Lilly has announced a quarterly dividend of $1.73 per share, payable on March 10, 2024. This dividend marks an increase from the previous amount of $1.50, reflecting the company’s financial strength. The ex-dividend date is set for February 13, 2024, and the annualized dividend yield stands at 0.7%.
Eli Lilly and Company, founded in 1876 and headquartered in Indianapolis, Indiana, continues to be a prominent player in the global pharmaceutical industry. The company focuses on researching, developing, and commercializing a wide range of medicines and therapies for patients worldwide, serving both developed and emerging markets under the leadership of President and Chief Executive Officer David A. Ricks.
As Eli Lilly navigates a dynamic market landscape, its recent stock movements and strong financial performance suggest a positive outlook amidst ongoing changes in investor sentiment.
