Secure Asset Management Increases Stake in Eli Lilly by 39.3%

Secure Asset Management LLC has significantly increased its stake in Eli Lilly and Company (NYSE: LLY) by **39.3%** during the third quarter of 2023. According to data from HoldingsChannel.com, the firm owned **7,060 shares** of Eli Lilly after acquiring an additional **1,991 shares** during this period. This investment now constitutes approximately **1.0%** of Secure Asset Management’s portfolio, making Eli Lilly its **21st largest holding**. The value of this stake was reported at **$5,828,000** at the end of the most recent reporting period.

Several other institutional investors have also adjusted their positions in Eli Lilly. For instance, Baker Tilly Wealth Management LLC increased its holdings by **2.0%** during the third quarter, now owning **1,491 shares** valued at **$1,137,000** after acquiring an additional **29 shares**. Similarly, Financial Enhancement Group LLC raised its stake by **3.7%**, now holding **2,272 shares** worth **$1,922,000**. Centurion Wealth Management LLC saw a significant increase of **113.1%**, acquiring an additional **1,050 shares** to own a total of **1,978 shares** valued at **$1,509,000**. Shelton Wealth Management LLC also boosted its investment by **6.4%** during this quarter.

As of now, institutional investors and hedge funds own approximately **82.53%** of Eli Lilly’s outstanding shares.

Eli Lilly’s Stock Performance and Dividend Declares

Eli Lilly’s stock opened at **$1,071.35** on Friday, reflecting a rise of **1.4%**. The stock has experienced a **12-month low** of **$623.78** and a **high** of **$1,111.99**. The company currently boasts a market capitalization of **$1.01 trillion**, a price-to-earnings (P/E) ratio of **52.41**, and a beta of **0.37**. The company’s quick ratio stands at **1.24**, while the current ratio is at **1.55**.

In a positive development, Eli Lilly has declared a quarterly dividend of **$1.73**, to be paid on **March 10, 2024**, to investors of record by **February 13, 2024**. This represents an annualized dividend of **$6.92** and a yield of **0.6%**, up from a previous quarterly dividend of **$1.50**. The company’s current dividend payout ratio is **29.35%**, indicating a strong commitment to returning value to its shareholders.

Analyst Ratings and Market Sentiment

Recent reports from various research firms have reflected a generally positive outlook for Eli Lilly. Morgan Stanley increased its price target for the stock from **$1,171.00** to **$1,290.00**, maintaining an “overweight” rating. HSBC reiterated a “hold” rating with a target of **$1,070.00**, while Cantor Fitzgerald reaffirmed its “overweight” rating. Guggenheim echoed this sentiment with a “buy” rating and a target price of **$1,163.00**. The Goldman Sachs Group also raised its target price from **$951.00** to **$1,145.00**.

Overall, four analysts have rated Eli Lilly as a Strong Buy, while seventeen have given it a Buy rating, and five have assigned a Hold rating. According to data from MarketBeat, the average rating stands at “Moderate Buy” with a consensus price target of **$1,141.73**.

Recent developments surrounding Eli Lilly’s product pipeline, particularly their oral GLP-1 pill, orforglipron, have also created positive sentiment. The drug successfully met all primary and key secondary endpoints in the ATTAIN-MAINTAIN Phase 3 trial, leading to a submission for FDA approval for obesity treatment, which could enhance the company’s market position.

Amid this positive outlook, Eli Lilly faces challenges, including pricing pressures in Canada, where it has reduced prices for its diabetes and weight-loss medications by approximately **20%**. This could impact profit margins and revenue in markets with stringent pricing scrutiny.

Eli Lilly and Company, founded in **1876** and headquartered in Indianapolis, Indiana, is a global pharmaceutical leader focused on researching, developing, manufacturing, and commercializing medicines across various therapeutic areas. The company serves both developed and emerging markets, demonstrating its commitment to improving health outcomes worldwide.