Edgewood Management LLC Purchases 292,150 Shares of Eli Lilly and Company (NYSE:LLY)

Edgewood Management LLC raised its position in shares of Eli Lilly and Company (NYSE:LLY) by 13.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,547,982 shares of the company’s stock after purchasing an additional 292,150 shares during the period. Eli Lilly and Company accounts for approximately 5.6% of Edgewood Management LLC’s holdings, making the stock its 5th biggest position. Edgewood Management LLC owned approximately 0.27% of Eli Lilly and Company worth $1,967,042,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Eli Lilly and Company during the 4th quarter valued at about $8,407,908,000. Proficio Capital Partners LLC increased its stake in shares of Eli Lilly and Company by 100,387.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,202,215 shares of the company’s stock valued at $4,016,110,000 after acquiring an additional 5,197,038 shares during the period. Wellington Management Group LLP raised its holdings in Eli Lilly and Company by 19.0% during the fourth quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company’s stock worth $9,747,214,000 after purchasing an additional 2,012,129 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Eli Lilly and Company in the fourth quarter worth approximately $1,240,653,000. Finally, Parnassus Investments LLC boosted its stake in Eli Lilly and Company by 38,959.8% during the 4th quarter. Parnassus Investments LLC now owns 934,702 shares of the company’s stock valued at $721,590,000 after purchasing an additional 932,309 shares in the last quarter. Institutional investors own 82.53% of the company’s stock.

Insider Transactions at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 1,000 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total transaction of $818,240.00. Following the transaction, the chief accounting officer now owns 5,840 shares in the company, valued at $4,778,521.60. The trade was a 14.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.13% of the company’s stock.

Eli Lilly and Company Trading Down 6.5 %

Shares of LLY stock opened at $737.56 on Friday. Eli Lilly and Company has a fifty-two week low of $711.40 and a fifty-two week high of $972.53. The stock’s fifty day moving average price is $848.36 and its two-hundred day moving average price is $831.93. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.97 and a current ratio of 1.15. The company has a market cap of $699.33 billion, a PE ratio of 62.99, a P/E/G ratio of 1.40 and a beta of 0.34.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings data on Thursday, February 6th. The company reported $5.32 earnings per share for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. Equities analysts predict that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company declared that its Board of Directors has initiated a stock repurchase program on Monday, December 9th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

LLY has been the subject of a number of research analyst reports. Bank of America reissued a “buy” rating and issued a $997.00 price target on shares of Eli Lilly and Company in a report on Tuesday, December 10th. Morgan Stanley set a $1,146.00 target price on shares of Eli Lilly and Company in a research note on Thursday, March 6th. Wells Fargo & Company lifted their price target on shares of Eli Lilly and Company from $970.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. StockNews.com upgraded Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Finally, Citigroup cut their target price on Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Three analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus target price of $1,009.72.

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.