Bank of Nova Scotia Sells 119,523 Shares of Eli Lilly and Company (NYSE:LLY)

Bank of Nova Scotia lowered its position in shares of Eli Lilly and Company (NYSE:LLY) by 32.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 246,884 shares of the company’s stock after selling 119,523 shares during the quarter. Bank of Nova Scotia’s holdings in Eli Lilly and Company were worth $203,901,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. WestEnd Advisors LLC increased its stake in shares of Eli Lilly and Company by 210.0% during the 1st quarter. WestEnd Advisors LLC now owns 31 shares of the company’s stock worth $26,000 after purchasing an additional 21 shares during the last quarter. Citizens National Bank Trust Department increased its stake in shares of Eli Lilly and Company by 180.0% during the 1st quarter. Citizens National Bank Trust Department now owns 42 shares of the company’s stock worth $35,000 after purchasing an additional 27 shares during the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of Eli Lilly and Company during the 1st quarter worth approximately $40,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Eli Lilly and Company during the 4th quarter worth approximately $43,000. Finally, O Brien Wealth Partners LLC increased its stake in shares of Eli Lilly and Company by 25.5% during the 1st quarter. O Brien Wealth Partners LLC now owns 59 shares of the company’s stock worth $49,000 after purchasing an additional 12 shares during the last quarter. Institutional investors own 82.53% of the company’s stock.

Wall Street Analysts Forecast Growth

LLY has been the subject of several research analyst reports. Erste Group Bank lowered shares of Eli Lilly and Company from a “buy” rating to a “hold” rating in a research note on Thursday, June 5th. HSBC lowered shares of Eli Lilly and Company from a “buy” rating to a “reduce” rating and decreased their price target for the stock from $1,150.00 to $700.00 in a research note on Monday, April 28th. Hsbc Global Res lowered shares of Eli Lilly and Company from a “strong-buy” rating to a “moderate sell” rating in a research note on Monday, April 28th. Guggenheim raised their price target on shares of Eli Lilly and Company from $936.00 to $942.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Finally, The Goldman Sachs Group raised shares of Eli Lilly and Company from a “neutral” rating to a “buy” rating and lowered their target price for the company from $892.00 to $888.00 in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus price target of $1,012.56.

Eli Lilly and Company Stock Up 2.9%

LLY opened at $761.47 on Friday. The company has a fifty day moving average price of $775.51 and a 200-day moving average price of $799.86. The firm has a market capitalization of $721.67 billion, a P/E ratio of 61.96, a price-to-earnings-growth ratio of 1.05 and a beta of 0.44. The company has a debt-to-equity ratio of 2.18, a current ratio of 1.37 and a quick ratio of 1.06. Eli Lilly and Company has a one year low of $677.09 and a one year high of $972.53.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Thursday, May 1st. The company reported $3.34 EPS for the quarter, missing analysts’ consensus estimates of $4.64 by ($1.30). The firm had revenue of $12.73 billion for the quarter, compared to analysts’ expectations of $12.77 billion. Eli Lilly and Company had a net margin of 22.67% and a return on equity of 85.51%. The firm’s revenue for the quarter was up 45.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 earnings per share. Equities research analysts expect that Eli Lilly and Company will post 23.48 earnings per share for the current fiscal year.

Eli Lilly and Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Friday, August 15th. Eli Lilly and Company’s payout ratio is 48.82%.

Eli Lilly and 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.