Providence Wealth Advisors Reduces Stake in Eli Lilly by 0.8%

Providence Wealth Advisors LLC has reduced its stake in Eli Lilly and Company (NYSE: LLY) by 0.8% during the second quarter of the year, as detailed in the firm’s latest 13F filing with the Securities and Exchange Commission. Following this adjustment, Providence now holds 12,661 shares of Eli Lilly, down from the previous quarter after selling 98 shares. As of the most recent filing, Eli Lilly accounts for 6.8% of Providence’s investment portfolio, positioning it as the firm’s third largest holding. The value of Providence’s holdings in Eli Lilly is approximately $9,870,000.

A number of other institutional investors have also adjusted their positions in Eli Lilly recently. Notably, PNC Financial Services Group Inc. increased its stake by an impressive 97.5% in the first quarter, now owning 101,305,650 shares valued at about $83.67 billion after acquiring an additional 50,002,551 shares. Similarly, Nuveen LLC established a new position worth $4.61 billion, while Vanguard Group Inc. increased its holdings by 6.7%, owning 79,224,392 shares valued at $65.43 billion.

In addition, Assenagon Asset Management S.A. grew its stake in the company by 106.8%, now holding 1,481,031 shares valued at $1.15 billion. Goldman Sachs Group Inc. also raised its holdings by 13.3%, owning 5,821,993 shares worth approximately $4.81 billion. Currently, institutional investors and hedge funds own 82.53% of Eli Lilly’s stock.

Eli Lilly’s stock price experienced a modest increase of 1.4% recently, opening at $1,058.05. Over the past year, the stock has fluctuated between a low of $623.78 and a high of $1,066.65. The company boasts a market capitalization of $1 trillion, a P/E ratio of 69.15, and a P/E/G ratio of 1.21. Additionally, Eli Lilly has a debt-to-equity ratio of 1.86, with a quick ratio of 1.00 and a current ratio of 1.28. The stock has a 50-day simple moving average of $855.89 and a 200-day simple moving average of $787.74.

Eli Lilly has also announced a quarterly dividend of $1.50, set to be paid on December 10, 2023, to shareholders on record as of November 14, 2023. This represents an annualized dividend of $6.00 with a yield of 0.6%. The company’s dividend payout ratio currently stands at 29.35%.

Recent analyses from Wall Street have shown a positive outlook for Eli Lilly. Wall Street Zen upgraded the stock from a “buy” to a “strong-buy” rating, while Sanford C. Bernstein reaffirmed an “outperform” rating. HSBC has increased its target price from $700 to $800, and Scotiabank initiated coverage with a “sector outperform” rating and a price target of $1,165. Additionally, Leerink Partners upgraded its rating from “market perform” to “outperform,” raising the target price from $886 to $1,104.

Currently, three research analysts rate Eli Lilly with a Strong Buy, while fifteen rate it as a Buy and seven give it a Hold rating. According to data from MarketBeat.com, the stock holds an average rating of “Moderate Buy” with a consensus target price of $1,027.95.

Eli Lilly and Company, headquartered in Indianapolis, Indiana, specializes in the discovery, development, and marketing of human pharmaceuticals worldwide. Notable products include various insulin formulations for diabetes, as well as medications like Jardiance, Mounjaro, and Trulicity for type 2 diabetes, along with Zepbound for obesity.