Investment firm Breakthru Advisory Services LLC has acquired 685 shares of Eli Lilly and Company (NYSE: LLY), valued at approximately $523,000. This purchase occurred during the third quarter of 2023, as disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC). This move reflects growing institutional interest in Eli Lilly amid its strong performance in the pharmaceutical market.
Several other institutional investors also adjusted their positions in Eli Lilly during the second quarter. Braun Bostich & Associates Inc. raised its stake by 2.5%, now owning 527 shares valued at $411,000. Rise Advisors LLC increased its holdings by 1.8% to 732 shares worth $571,000. Similarly, Occidental Asset Management LLC raised its position by 0.7%, owning 1,966 shares valued at $1.53 million.
Other noteworthy changes include New Insight Wealth Advisors, which lifted its stake by 3.4% to 394 shares worth $307,000, and Dash Acquisitions Inc., which raised its position by 2.8% to 485 shares valued at $387,000. Currently, institutional investors and hedge funds own approximately 82.53% of Eli Lilly’s stock.
Analysts Show Confidence in Eli Lilly
Equity analysts have also expressed positive sentiment towards Eli Lilly, with several recent upgrades and target price adjustments. Loop Capital set a target price of $950.00, while JPMorgan Chase & Co. raised its price objective from $1,050.00 to $1,150.00, maintaining an “overweight” rating. HSBC reiterated a “hold” rating with a target of $1,070.00.
Furthermore, Bank of America adjusted its price target from $1,286.00 to $1,268.00, assigning a “buy” rating. As a result, Eli Lilly currently holds a consensus rating of “Moderate Buy” with an average price target of $1,141.73, according to data from MarketBeat.
Recent Developments and Stock Performance
Eli Lilly’s stock opened at $1,071.35 on October 30, 2023. The company has experienced a 12-month low of $623.78 and a high of $1,111.99. With a market capitalization of $1.01 trillion, Eli Lilly’s earnings per share (EPS) for the last quarter was $7.02, surpassing the consensus estimate of $6.42 by $0.60. The company reported quarterly revenue of $17.60 billion, a substantial increase of 53.9% year-over-year.
Eli Lilly recently announced a quarterly dividend of $1.73 per share, payable on March 10, 2024, to stockholders of record on February 13, 2024. This dividend marks an increase from the previous quarterly amount of $1.50, reflecting a positive outlook for the company, and represents an annualized dividend of $6.92 with a yield of 0.6%.
Founded in 1876 and headquartered in Indianapolis, Indiana, Eli Lilly is a global leader in pharmaceuticals, offering a wide range of medicines and therapies. The company’s operations span across various regions, including North America, Europe, and Asia, addressing both developed and emerging markets. Under the leadership of President and Chief Executive Officer David A., Eli Lilly continues to focus on research and development to enhance its portfolio and market presence.
As the pharmaceutical industry evolves, Eli Lilly’s recent achievements and increasing institutional investment signify a strong confidence in its future performance.