First City Capital Management Inc. Has $6.33 Million Stock Holdings in Eli Lilly and Company (NYSE:LLY)

First City Capital Management Inc. lessened its stake in Eli Lilly and Company (NYSE:LLY) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,195 shares of the company’s stock after selling 172 shares during the quarter. Eli Lilly and Company makes up about 3.4% of First City Capital Management Inc.’s holdings, making the stock its 5th largest position. First City Capital Management Inc.’s holdings in Eli Lilly and Company were worth $6,326,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of LLY. Everence Capital Management Inc. lifted its position in shares of Eli Lilly and Company by 3.2% during the 4th quarter. Everence Capital Management Inc. now owns 22,340 shares of the company’s stock worth $17,246,000 after buying an additional 690 shares in the last quarter. Modus Advisors LLC increased its position in shares of Eli Lilly and Company by 67.0% during the fourth quarter. Modus Advisors LLC now owns 800 shares of the company’s stock valued at $618,000 after acquiring an additional 321 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Eli Lilly and Company by 19.2% during the fourth quarter. Versant Capital Management Inc now owns 1,167 shares of the company’s stock worth $901,000 after acquiring an additional 188 shares during the period. Old Port Advisors boosted its position in Eli Lilly and Company by 1.3% in the fourth quarter. Old Port Advisors now owns 1,283 shares of the company’s stock worth $991,000 after purchasing an additional 17 shares during the last quarter. Finally, SK Wealth Management LLC bought a new position in Eli Lilly and Company in the 3rd quarter valued at $264,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Price Performance

Shares of Eli Lilly and Company stock traded up $6.68 during trading on Friday, hitting $784.75. The stock had a trading volume of 902,541 shares, compared to its average volume of 1,408,332. The company has a current ratio of 1.27, a quick ratio of 0.97 and a debt-to-equity ratio of 2.03. Eli Lilly and Company has a 12 month low of $609.59 and a 12 month high of $972.53. The firm has a market cap of $744.98 billion, a price-to-earnings ratio of 84.84, a P/E/G ratio of 2.99 and a beta of 0.41. The business’s 50-day moving average is $796.03 and its 200 day moving average is $864.45.

Eli Lilly and Company (NYSE:LLY) last announced its earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). The business had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $12.09 billion. Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. Eli Lilly and Company’s revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 earnings per share. As a group, sell-side analysts anticipate that Eli Lilly and Company will post 13.18 earnings per share for the current year.

Eli Lilly and Company announced that its Board of Directors has initiated a share buyback plan on Monday, December 9th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the company to reacquire up to 2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Eli Lilly and Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a $1.50 dividend. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date is Friday, February 14th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.76%. Eli Lilly and Company’s dividend payout ratio is presently 64.86%.

Insider Activity

In related news, CAO Donald A. Zakrowski sold 900 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $803.38, for a total transaction of $723,042.00. Following the transaction, the chief accounting officer now directly owns 5,480 shares of the company’s stock, valued at approximately $4,402,522.40. This trade represents a 14.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on LLY. Deutsche Bank Aktiengesellschaft lowered their target price on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Barclays dropped their target price on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Wolfe Research assumed coverage on shares of Eli Lilly and Company in a research note on Friday, November 15th. They set an “outperform” rating and a $1,000.00 price target for the company. Sanford C. Bernstein assumed coverage on shares of Eli Lilly and Company in a report on Thursday, October 17th. They issued an “outperform” rating and a $1,100.00 price target on the stock. Finally, Redburn Atlantic raised Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,002.22.

About Eli Lilly and Company

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.