Summit Financial Strategies Inc. Sells 24 Shares of Eli Lilly and Company (NYSE:LLY)

Summit Financial Strategies Inc. trimmed its stake in Eli Lilly and Company (NYSE:LLY) by 1.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,094 shares of the company’s stock after selling 24 shares during the period. Summit Financial Strategies Inc.’s holdings in Eli Lilly and Company were worth $1,896,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LLY. Lynx Investment Advisory acquired a new position in shares of Eli Lilly and Company during the second quarter worth approximately $32,000. Core Wealth Advisors Inc. raised its stake in Eli Lilly and Company by 188.2% during the 4th quarter. Core Wealth Advisors Inc. now owns 49 shares of the company’s stock valued at $29,000 after purchasing an additional 32 shares during the last quarter. Activest Wealth Management bought a new stake in Eli Lilly and Company in the 1st quarter valued at $39,000. Tidemark LLC acquired a new stake in Eli Lilly and Company in the 4th quarter worth $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Eli Lilly and Company during the 1st quarter worth about $40,000. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on LLY shares. Argus lifted their target price on Eli Lilly and Company from $770.00 to $840.00 and gave the stock a “buy” rating in a research report on Tuesday, May 14th. Truist Financial restated a “buy” rating and set a $1,000.00 price objective (up from $892.00) on shares of Eli Lilly and Company in a research report on Tuesday, June 25th. Guggenheim raised their target price on Eli Lilly and Company from $884.00 to $1,030.00 and gave the stock a “buy” rating in a research report on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $885.00 price target on shares of Eli Lilly and Company in a report on Monday, August 5th. Finally, Berenberg Bank increased their price objective on shares of Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus target price of $956.88.

Eli Lilly and Company Price Performance

Shares of LLY traded down $9.46 during mid-day trading on Friday, hitting $922.12. 2,364,894 shares of the company traded hands, compared to its average volume of 3,096,824. The business has a 50-day moving average of $878.93 and a 200 day moving average of $805.16. The stock has a market capitalization of $876.39 billion, a price-to-earnings ratio of 135.81, a PEG ratio of 1.81 and a beta of 0.41. The company has a current ratio of 1.35, a quick ratio of 1.03 and a debt-to-equity ratio of 1.90. Eli Lilly and Company has a one year low of $516.57 and a one year high of $966.10.

Eli Lilly and Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Thursday, August 15th will be paid a $1.30 dividend. The ex-dividend date is Thursday, August 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 0.56%. Eli Lilly and Company’s dividend payout ratio (DPR) is presently 76.58%.

Insider Activity at Eli Lilly and Company

In other news, CAO Donald A. Zakrowski sold 750 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $819.47, for a total value of $614,602.50. Following the completion of the transaction, the chief accounting officer now owns 7,130 shares of the company’s stock, valued at approximately $5,842,821.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Eli Lilly and Company news, major shareholder Lilly Endowment Inc sold 210,000 shares of Eli Lilly and Company stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $939.82, for a total value of $197,362,200.00. Following the sale, the insider now owns 96,943,810 shares of the company’s stock, valued at approximately $91,109,731,514.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Donald A. Zakrowski sold 750 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $819.47, for a total value of $614,602.50. Following the transaction, the chief accounting officer now directly owns 7,130 shares of the company’s stock, valued at $5,842,821.10. The disclosure for this sale can be found here. Insiders have sold 1,214,704 shares of company stock worth $1,066,841,316 in the last ninety days. Company insiders own 0.13% of the company’s stock.

Eli Lilly and Company Company Profile

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.