SouthState Corp has increased its investment in Eli Lilly and Company (NYSE: LLY) by 10.3%, raising its total holdings to 12,486 shares valued at approximately $9.73 million. This update comes from the company’s latest filing with the Securities and Exchange Commission (SEC) for the second quarter of 2023. The firm acquired an additional 1,165 shares during this period, reflecting its growing confidence in the pharmaceutical giant.
Other institutional investors have also made notable adjustments to their positions in Eli Lilly. For instance, Wealth Preservation Advisors LLC established a new stake worth $27,000 in the first quarter. Meanwhile, Blume Capital Management Inc. increased its holdings by 46.7% during the second quarter, now owning 44 shares valued at $34,000, following the purchase of an additional 14 shares. In a similar fashion, IMG Wealth Management Inc. and Financial Gravity Asset Management Inc. each acquired new stakes, valued at $35,000 and $40,000, respectively.
As of now, institutional investors and hedge funds collectively own 82.53% of Eli Lilly’s stock, indicating strong institutional interest in the company.
Current Stock Performance and Dividends
On Thursday, Eli Lilly’s stock opened at $927.48. The company has experienced a fifty-two week low of $623.78 and a high of $955.46. The stock’s fifty-day moving average stands at $792.03 with a two-hundred day moving average of $773.89. Eli Lilly boasts a market capitalization of $876.82 billion, a price-to-earnings (P/E) ratio of 60.62, and a beta of 0.43.
Additionally, Eli Lilly recently announced a quarterly dividend of $1.50 per share, set to be paid on December 10, 2023. Shareholders who are on record by November 14 will benefit from this dividend, which represents an annualized payout of $6.00 and a yield of 0.6%.
Analyst Ratings and Insider Actions
Recent reports from various research firms have provided mixed ratings for Eli Lilly. Notably, HSBC Global Research upgraded the stock from a “moderate sell” to a “hold” rating on August 27, while Leerink Partners downgraded it from “strong-buy” to “hold” on August 7. The consensus rating currently stands at “Moderate Buy,” with an average target price of $940.00, according to MarketBeat.com.
Insider trading activity has also been noteworthy. Daniel Skovronsky, Executive Vice President, purchased 1,000 shares on August 12 at an average price of $634.40 per share, bringing his total ownership to approximately $87.33 million. Similarly, CEO David A. Ricks bought 1,632 shares on the same day for a total of $1,052,264.64, increasing his stake to around $352.43 million.
In total, insiders have acquired 4,514 shares valued at approximately $2.89 million over the last quarter.
Eli Lilly and Company continues to play a significant role in the pharmaceutical sector, discovering and marketing various human pharmaceuticals globally. The company’s portfolio includes treatments for diabetes, obesity, and other critical health conditions, underscoring its importance in modern medicine. As the company expands and adapts, investor interest remains strong, reflecting confidence in its future prospects.
