Allspring Global Investments Holdings LLC significantly expanded its stake in Eli Lilly and Company (NYSE: LLY) during the third quarter of 2023, increasing its holdings by an impressive 162.2%. The firm now owns 318,993 shares valued at approximately $263,303,000 following the acquisition of an additional 197,315 shares, according to a recent filing with the U.S. Securities and Exchange Commission (SEC).
Several other institutional investors also adjusted their positions in Eli Lilly. JB Capital LLC raised its stake by 10.8%, acquiring a total of 1,214 shares valued at $926,000. Mainstream Capital Management LLC and Stonebridge Financial Group LLC increased their holdings by 0.9% and 2.0%, respectively, while Shum Financial Group Inc. entered the market with a new position valued at $1,225,000. Merit Financial Group LLC also boosted its stake by 6.2%, bringing its total to 34,453 shares worth $26,288,000. Overall, institutional investors now own approximately 82.53% of Eli Lilly’s stock.
Stock Performance and Financial Results
Eli Lilly’s stock opened at $1,075.00 on the last trading day, reflecting its robust market performance. The company has a market capitalization of $1.02 trillion and impressive financial metrics, including a price-to-earnings ratio of 52.59 and a debt-to-equity ratio of 1.71. The stock’s performance has been notable, with a fifty-two week low of $623.78 and a high of $1,111.99.
On October 30, 2023, Eli Lilly reported its quarterly earnings, revealing a strong $7.02 earnings per share (EPS), surpassing analysts’ expectations of $6.42 by $0.60. The company achieved a net margin of 30.99% and a return on equity of 109.52%. Revenue for the quarter reached $17.60 billion, significantly above the anticipated $16.09 billion, marking a substantial year-over-year increase of 53.9%.
Eli Lilly has also set its fiscal year 2025 guidance at an EPS range of 23.000-23.700, with analysts projecting an average of 23.48 for the current fiscal year.
Dividend Increase and Analyst Ratings
In a move to reward shareholders, Eli Lilly announced a quarterly dividend of $1.73, scheduled for payment on March 10, 2024, to shareholders of record on February 13, 2024. This dividend marks an increase from the previous rate of $1.50, translating to an annualized amount of $6.92 and a yield of 0.6%. The company’s dividend payout ratio currently stands at 33.86%.
Wall Street analysts have responded positively to Eli Lilly’s performance, with several raising their price targets. Berenberg Bank increased its target from $830.00 to $950.00, maintaining a “hold” rating. Weiss Ratings reaffirmed a “buy (b-)” rating, while National Bankshares set a price objective of $1,286.00. Leerink Partners reiterated an “outperform” rating, and Wolfe Research elevated their price target from $1,050.00 to $1,250.00.
Overall, the consensus rating for Eli Lilly stands at “Moderate Buy” with an average target price of $1,155.36, according to data from MarketBeat.
Eli Lilly and Company, founded in 1876 and headquartered in Indianapolis, Indiana, is a leading global pharmaceutical firm. The company is dedicated to researching, developing, and marketing a wide range of medicines and therapies for patients worldwide, maintaining a strong presence in both developed and emerging markets.
