Cascade Financial Partners Boosts Stake in Eli Lilly to $184 Million

Cascade Financial Partners LLC has increased its investment in Eli Lilly and Company (NYSE: LLY) by 0.5% during the second quarter of 2023, according to HoldingsChannel. The firm now owns a total of 236,056 shares after acquiring an additional 1,070 shares, making Eli Lilly its largest position at approximately 22.1% of its portfolio. As of the latest filing with the Securities and Exchange Commission (SEC), these shares are valued at around $184 million.

Other hedge funds have also adjusted their stakes in Eli Lilly recently. Wealth Preservation Advisors LLC entered the market with a new investment valued at approximately $27,000 in the first quarter. Blume Capital Management Inc. significantly increased its stake by 46.7% in the second quarter, bringing its total to 44 shares valued at $34,000 after purchasing an additional 14 shares. IMG Wealth Management Inc. similarly acquired a new position during this period, valued at $35,000. In contrast, TD Capital Management LLC expanded its holdings by 129.2% in the first quarter, now owning 55 shares worth $46,000 after buying an additional 31 shares. Family CFO Inc. also invested in Eli Lilly with a new stake valued at about $54,000. Overall, institutional investors, including hedge funds, own approximately 82.53% of Eli Lilly’s stock.

Analysts Adjust Price Targets for Eli Lilly

Several research firms have recently updated their price targets and ratings for Eli Lilly. On October 3, Morgan Stanley reduced its target price from $1,028 to $1,023 while maintaining an “overweight” rating. Erste Group Bank upgraded its rating from “hold” to “buy” on October 14. Conversely, Leerink Partners downgraded its rating from “strong-buy” to “hold” on August 7. Berenberg Bank reiterated a “hold” rating, lowering its target price from $970 to $830. Finally, Daiwa Capital Markets changed its rating from “outperform” to “neutral,” setting a price target of $700. Currently, one analyst rates the stock as a “Strong Buy,” while sixteen others have issued a “Buy” rating, and seven maintain a “Hold” rating. According to MarketBeat.com, Eli Lilly has a consensus rating of “Moderate Buy” with a price target of $981.89.

Eli Lilly’s Financial Performance and Future Guidance

Eli Lilly’s stock performance remains strong, with shares opening at $965.68 on Tuesday. The company reported a debt-to-equity ratio of 1.86, a current ratio of 1.28, and a quick ratio of 1.00. Over the past year, the stock has seen a low of $623.78 and a high of $981.99. Eli Lilly currently boasts a market capitalization of $912.94 billion, a P/E ratio of 63.12, and a beta of 0.43. The company’s 50-day and 200-day moving averages are $804.63 and $775.74, respectively.

On October 30, Eli Lilly announced its quarterly earnings, reporting earnings per share of $7.02, exceeding analysts’ estimates of $6.42 by $0.60. The company’s revenue for the quarter reached $17.60 billion, surpassing estimates of $16.09 billion, and demonstrating a year-over-year increase of 53.9%. The firm anticipates earnings per share guidance for fiscal year 2025 to range between $23.000 and $23.700, with analysts expecting an average of $23.48 per share for the current fiscal year.

Additionally, Eli Lilly has declared a quarterly dividend of $1.50 per share, set to be paid on December 10. Shareholders of record on November 14 will receive this dividend, resulting in an annualized yield of 0.6%. The company’s current payout ratio stands at 29.35%.

Eli Lilly and Company is a prominent player in the pharmaceutical industry, engaged in the discovery, development, and marketing of various medications globally. Its product lineup includes treatments for diabetes and obesity, such as Basaglar, Humalog, Jardiance, Mounjaro, and Trulicity.