Bank of Nova Scotia Has $282.89 Million Stock Position in Eli Lilly and Company (NYSE:LLY)

Bank of Nova Scotia boosted its stake in shares of Eli Lilly and Company (NYSE:LLY) by 94.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 366,407 shares of the company’s stock after buying an additional 177,831 shares during the period. Bank of Nova Scotia’s holdings in Eli Lilly and Company were worth $282,885,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Highline Wealth Partners LLC grew its position in Eli Lilly and Company by 80.0% during the 4th quarter. Highline Wealth Partners LLC now owns 45 shares of the company’s stock worth $35,000 after purchasing an additional 20 shares in the last quarter. FPC Investment Advisory Inc. boosted its position in shares of Eli Lilly and Company by 358.3% in the fourth quarter. FPC Investment Advisory Inc. now owns 55 shares of the company’s stock worth $45,000 after buying an additional 43 shares during the period. Prudent Man Investment Management Inc. purchased a new position in shares of Eli Lilly and Company during the fourth quarter valued at $48,000. Compass Financial Services Inc acquired a new position in Eli Lilly and Company during the fourth quarter valued at $50,000. Finally, Fiduciary Advisors Inc. purchased a new stake in Eli Lilly and Company in the 4th quarter worth about $58,000. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total value of $818,240.00. Following the transaction, the chief accounting officer now directly owns 5,840 shares of the company’s stock, valued at approximately $4,778,521.60. This trade represents a 14.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is currently owned by insiders.

Eli Lilly and Company Stock Down 2.2 %

Shares of LLY opened at $722.03 on Tuesday. The business’s 50 day simple moving average is $846.64 and its 200-day simple moving average is $830.05. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 0.97. Eli Lilly and Company has a one year low of $677.09 and a one year high of $972.53. The company has a market capitalization of $684.61 billion, a P/E ratio of 61.66, a PEG ratio of 1.40 and a beta of 0.51.

Eli Lilly and Company (NYSE:LLY) last issued its quarterly earnings data on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. As a group, sell-side 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 has authorized a stock repurchase program on Monday, December 9th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have recently issued reports on LLY shares. Bank of America reissued a “buy” rating and issued a $997.00 price target on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Morgan Stanley set a $1,146.00 price target on shares of Eli Lilly and Company in a report on Thursday, March 6th. Wells Fargo & Company increased their price objective on Eli Lilly and Company from $970.00 to $1,100.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Leerink Partners set a $950.00 target price on Eli Lilly and Company in a research note on Friday, January 17th. Finally, Berenberg Bank set a $970.00 price target on Eli Lilly and Company in a research note on Thursday, January 16th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock 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.