Rede Wealth LLC has established a new position in Eli Lilly and Company (NYSE: LLY) by acquiring 639 shares during the third quarter of 2023, according to HoldingsChannel. This purchase is valued at approximately $487,000. Other institutional investors have also been adjusting their portfolios concerning Eli Lilly, indicating a growing interest in the pharmaceutical giant.
Among recent transactions, Sumitomo Mitsui Financial Group Inc. purchased a new stake in Eli Lilly valued at $27,000 during the second quarter. Similarly, Evolution Wealth Management Inc. acquired shares worth around $29,000 in the same period. Steph & Co. significantly increased its investment by 290% during the third quarter, raising its total to 39 shares valued at approximately $30,000. Additionally, Financial Gravity Companies Inc. and Bare Financial Services Inc. have made their own acquisitions, valued at $31,000 each.
Recent Analyst Ratings and Market Performance
Eli Lilly and Company has recently attracted attention from analysts. Zacks Research upgraded the stock from a “hold” rating to a “strong-buy” rating on January 1, 2024. Erste Group Bank also raised its rating from “hold” to “buy” on October 14, 2023. Morgan Stanley increased its price target from $1,171.00 to $1,290.00, assigning an “overweight” rating in a report dated November 24, 2023. Wolfe Research upped its target from $1,050.00 to $1,250.00, giving the stock an “outperform” rating.
Currently, five analysts have rated Eli Lilly with a “Strong Buy” designation, while seventeen have given it a “Buy” rating. The stock has a consensus rating of “Buy” and a price target of $1,161.27, as reported by MarketBeat.
As of October 30, 2023, Eli Lilly’s shares traded at $1,041.78, reflecting a decrease of 3.6%. The company’s performance metrics reveal a 50-day moving average price of $1,017.48 and a two-hundred day moving average price of $853.10. In the past year, the stock has seen a low of $623.78 and a high of $1,111.99.
Financial Highlights and Future Outlook
Eli Lilly and Company reported impressive financial results for the third quarter, with earnings per share (EPS) at $7.02, surpassing analysts’ expectations of $6.42 by $0.60. The company achieved a revenue of $17.60 billion, exceeding the consensus estimate of $16.09 billion and representing a year-over-year increase of 53.9%. The return on equity stands at 109.52%, with a net margin of 30.99%.
Looking forward, Eli Lilly has projected its FY 2025 guidance to be between $23.000 and $23.700 EPS. Analysts predict the company will post an average of $23.48 EPS for the current fiscal year.
In addition to its strong financial performance, Eli Lilly has declared a quarterly dividend of $1.73 per share, payable on March 10, 2024, to shareholders who are on record by February 13, 2024. This increase from the previous dividend of $1.50 reflects the company’s positive outlook and commitment to returning value to its shareholders.
Founded in 1876, Eli Lilly and Company is headquartered in Indianapolis, Indiana. The global pharmaceutical company focuses on researching, developing, and manufacturing a wide range of medicines and therapies. It operates across North America, Europe, Asia, and other regions, serving both developed and emerging markets. Under the leadership of President and Chief Executive Officer David A. Ricks, Eli Lilly continues to strive for innovation and growth in the pharmaceutical industry.
