Mechanics Financial Corp Decreases Stock Position in Eli Lilly and Company (NYSE:LLY)

Mechanics Financial Corp trimmed its holdings in shares of Eli Lilly and Company (NYSE:LLY) by 39.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,548 shares of the company’s stock after selling 1,006 shares during the quarter. Mechanics Financial Corp’s holdings in Eli Lilly and Company were worth $1,195,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of LLY. Accent Capital Management LLC raised its position in Eli Lilly and Company by 168.0% in the 4th quarter. Accent Capital Management LLC now owns 5,886 shares of the company’s stock worth $4,544,000 after buying an additional 3,690 shares during the last quarter. Hobbs Group Advisors LLC boosted its holdings in shares of Eli Lilly and Company by 5.0% during the 4th quarter. Hobbs Group Advisors LLC now owns 272 shares of the company’s stock valued at $210,000 after acquiring an additional 13 shares during the last quarter. Biondo Investment Advisors LLC grew its stake in shares of Eli Lilly and Company by 0.7% in the fourth quarter. Biondo Investment Advisors LLC now owns 17,941 shares of the company’s stock worth $13,851,000 after acquiring an additional 117 shares during the period. Allstate Corp raised its holdings in shares of Eli Lilly and Company by 3,191.1% during the fourth quarter. Allstate Corp now owns 23,992 shares of the company’s stock valued at $18,522,000 after purchasing an additional 23,263 shares during the last quarter. Finally, Maridea Wealth Management LLC bought a new position in Eli Lilly and Company during the fourth quarter valued at approximately $252,000. Institutional investors own 82.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LLY. StockNews.com raised shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Bank of America reaffirmed a “buy” rating and issued a $997.00 price objective on shares of Eli Lilly and Company in a report on Tuesday, December 10th. Wells Fargo & Company increased their target price on Eli Lilly and Company from $970.00 to $1,100.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Berenberg Bank set a $970.00 price target on Eli Lilly and Company in a research note on Thursday, January 16th. Finally, Leerink Partners set a $950.00 price objective on shares of Eli Lilly and Company in a research note on Friday, January 17th. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,009.72.

Eli Lilly and Company Trading Down 0.2 %

LLY stock opened at $820.30 on Friday. The company has a market capitalization of $777.78 billion, a price-to-earnings ratio of 70.05, a PEG ratio of 1.40 and a beta of 0.34. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 0.97. Eli Lilly and Company has a 1-year low of $711.40 and a 1-year high of $972.53. The business has a 50 day simple moving average of $844.31 and a two-hundred day simple moving average of $836.82.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings results on Thursday, February 6th. The company reported $5.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. Research analysts anticipate that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company announced that its Board of Directors has authorized a stock repurchase program on Monday, December 9th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 1,000 shares of Eli Lilly and Company stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $818.24, for a total value of $818,240.00. Following the sale, the chief accounting officer now owns 5,840 shares of the company’s stock, 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 the SEC website. 0.13% of the stock is owned by company insiders.

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.