Breakthru Advisory Services LLC has made a significant move in the financial markets by acquiring a new position in Eli Lilly and Company (NYSE: LLY). In its latest disclosure to the U.S. Securities and Exchange Commission (SEC), the firm reported the purchase of 685 shares of Eli Lilly, valued at approximately $523,000. This acquisition highlights the growing interest among institutional investors in the pharmaceutical giant.
Several other investors have also adjusted their positions in Eli Lilly recently. Braun Bostich & Associates Inc. increased its holdings by 2.5% during the second quarter, bringing its total to 527 shares, worth around $411,000. Similarly, Rise Advisors LLC upped its stake by 1.8%, now owning 732 shares valued at $571,000. Occidental Asset Management LLC raised its holdings by 0.7% to 1,966 shares, worth $1,533,000, while New Insight Wealth Advisors increased its stake by 3.4% to 394 shares, valued at $307,000. Dash Acquisitions Inc. also lifted its investment in Eli Lilly by 2.8%.
Institutional investors and hedge funds now own approximately 82.53% of Eli Lilly’s stock, indicating strong institutional confidence in the company.
Analysts Respond with Target Price Increases
In addition to institutional investments, analysts have been optimistic about Eli Lilly’s performance. Loop Capital set a target price of $950.00 for the company. Meanwhile, 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 price target of $1,070.00, and Bank of America adjusted its target from $1,286.00 to $1,268.00, while sustaining a “buy” rating.
The consensus among analysts reflects a strong interest in Eli Lilly, with four rating it as a Strong Buy, seventeen as Buy, and five as Hold. According to data from MarketBeat, the current consensus rating for Eli Lilly is “Moderate Buy” with an average price target of $1,141.73.
Recent Developments and Financial Performance
Eli Lilly’s stock opened at $1,071.35 on Friday, and the company has experienced significant fluctuations over the past year, with a low of $623.78 and a high of $1,111.99. The pharmaceutical company boasts a market cap of $1.01 trillion, a P/E ratio of 52.41, and a P/E/G ratio of 1.34. Their recent quarterly earnings report, released on October 30, 2023, showed earnings per share (EPS) of $7.02, exceeding the consensus estimate of $6.42 by $0.60. The company reported revenue of $17.60 billion for the quarter, 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, with analysts projecting an average EPS of 23.48 for the current year.
In a positive development for shareholders, Eli Lilly announced a quarterly dividend of $1.73 per share to be paid on March 10, 2024, to stockholders of record by February 13, 2024. This increase from the previous quarterly dividend of $1.50 signifies Eli Lilly’s commitment to returning value to its investors.
Despite challenges such as pricing pressure in Canada, where the company has cut prices for its diabetes and weight-loss drugs by approximately 20%, the overall sentiment remains positive. Eli Lilly’s recent successes, including a late-stage trial win for its oral GLP-1 medication, orforglipron, bolster its prospects for growth and market leadership.
Founded in 1876 and headquartered in Indianapolis, Indiana, Eli Lilly and Company continues to innovate in the pharmaceutical sector, developing therapies for a wide range of health conditions. Under the leadership of David A. Ricks, the company is focused on expanding its reach and enhancing its product offerings globally.
