Franklin Resources Inc. Sells 42,713 Shares of Eli Lilly and Company (NYSE:LLY)

Franklin Resources Inc. cut its holdings in shares of Eli Lilly and Company (NYSE:LLY) by 1.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,592,824 shares of the company’s stock after selling 42,713 shares during the quarter. Eli Lilly and Company accounts for 0.8% of Franklin Resources Inc.’s holdings, making the stock its 21st largest position. Franklin Resources Inc.’s holdings in Eli Lilly and Company were worth $2,773,658,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Family Legacy Inc. increased its position in shares of Eli Lilly and Company by 2.8% in the fourth quarter. Family Legacy Inc. now owns 7,915 shares of the company’s stock worth $6,231,000 after purchasing an additional 217 shares during the period. Seven Mile Advisory lifted its stake in Eli Lilly and Company by 3.9% during the fourth quarter. Seven Mile Advisory now owns 1,350 shares of the company’s stock worth $1,042,000 after purchasing an additional 51 shares during the last quarter. Summit Financial LLC boosted its holdings in shares of Eli Lilly and Company by 92.3% in the 4th quarter. Summit Financial LLC now owns 12,468 shares of the company’s stock valued at $9,625,000 after purchasing an additional 5,984 shares in the last quarter. Prudent Man Investment Management Inc. bought a new position in shares of Eli Lilly and Company in the 4th quarter valued at $48,000. Finally, Bedell Frazier Investment Counselling LLC raised its holdings in shares of Eli Lilly and Company by 1.2% during the 4th quarter. Bedell Frazier Investment Counselling LLC now owns 4,149 shares of the company’s stock worth $3,203,000 after buying an additional 48 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eli Lilly and Company

In other news, CAO Donald A. Zakrowski sold 1,000 shares of Eli Lilly and Company stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total value of $818,240.00. Following the completion of the sale, the chief accounting officer now owns 5,840 shares in the company, valued at $4,778,521.60. The trade was a 14.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.13% of the company’s stock.

Wall Street Analyst Weigh In

LLY has been the topic of a number of recent analyst reports. Berenberg Bank set a $970.00 target price on Eli Lilly and Company in a research report on Thursday, January 16th. Leerink Partners set a $950.00 price objective on shares of Eli Lilly and Company in a research report on Friday, January 17th. StockNews.com upgraded shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Citigroup dropped their price target on Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company boosted their price objective on Eli Lilly and Company from $970.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus price target of $1,009.72.

Eli Lilly and Company Price Performance

Shares of NYSE LLY opened at $820.30 on Monday. The company has a market capitalization of $777.78 billion, a PE ratio of 70.05, a P/E/G ratio of 1.40 and a beta of 0.34. The company has a quick ratio of 0.97, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. Eli Lilly and Company has a twelve month low of $711.40 and a twelve month high of $972.53. The firm has a fifty day simple moving average of $844.31 and a 200 day simple moving average of $835.77.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings data on Thursday, February 6th. The company reported $5.32 earnings per share for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. On average, sell-side analysts forecast that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company declared that its Board of Directors has authorized a stock buyback plan on Monday, December 9th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

About Eli Lilly and Company

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.