Spinnaker Trust Reduces Position in Eli Lilly and Company (NYSE:LLY)

Spinnaker Trust cut its stake in shares of Eli Lilly and Company (NYSE:LLY) by 1.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,855 shares of the company’s stock after selling 222 shares during the quarter. Eli Lilly and Company comprises approximately 1.0% of Spinnaker Trust’s investment portfolio, making the stock its 21st biggest holding. Spinnaker Trust’s holdings in Eli Lilly and Company were worth $15,818,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Lynx Investment Advisory purchased a new position in Eli Lilly and Company in the second quarter valued at $32,000. LGT Financial Advisors LLC purchased a new position in Eli Lilly and Company during the second quarter valued at $36,000. Cedar Mountain Advisors LLC lifted its holdings in Eli Lilly and Company by 53.3% during the third quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock valued at $41,000 after purchasing an additional 16 shares in the last quarter. Morton Brown Family Wealth LLC grew its position in shares of Eli Lilly and Company by 45.5% in the second quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock valued at $41,000 after purchasing an additional 15 shares during the period. Finally, Unique Wealth Strategies LLC purchased a new stake in shares of Eli Lilly and Company during the second quarter worth about $45,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Stock Performance

Shares of LLY traded down $33.08 during midday trading on Wednesday, reaching $772.98. 2,848,297 shares of the stock were exchanged, compared to its average volume of 3,058,355. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 0.97. The company has a market capitalization of $733.81 billion, a price-to-earnings ratio of 87.20, a PEG ratio of 3.09 and a beta of 0.43. The business’s 50-day moving average price is $905.20 and its 200 day moving average price is $867.96. Eli Lilly and Company has a twelve month low of $561.65 and a twelve month high of $972.53.

Eli Lilly and Company (NYSE:LLY) last issued its earnings results on Wednesday, October 30th. The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The company had revenue of $11.44 billion for the quarter, compared to analysts’ expectations of $12.09 billion. During the same quarter in the previous year, the firm posted $0.10 earnings per share. Eli Lilly and Company’s revenue for the quarter was up 20.4% on a year-over-year basis. On average, sell-side analysts expect that Eli Lilly and Company will post 13.23 EPS for the current fiscal year.

Eli Lilly and Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be paid a dividend of $1.30 per share. The ex-dividend date is Friday, November 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 0.67%. Eli Lilly and Company’s dividend payout ratio (DPR) is 56.22%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LLY. Morgan Stanley reiterated an “overweight” rating and issued a $1,106.00 price objective on shares of Eli Lilly and Company in a report on Tuesday, August 27th. Barclays dropped their price target on Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Truist Financial raised their price objective on Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Redburn Atlantic raised shares of Eli Lilly and Company to a “hold” rating in a research note on Monday. Finally, Berenberg Bank increased their target price on shares of Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,008.41.

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.