Providence Wealth Advisors Reduces Stake in Eli Lilly by 0.8%

Providence Wealth Advisors LLC has decreased its holdings in Eli Lilly and Company (NYSE: LLY) by 0.8% during the second quarter of 2023. This reduction was detailed in the firm’s recent 13F filing with the Securities and Exchange Commission. Following the sale of 98 shares, Providence now owns a total of 12,661 shares, which represent 6.8% of its investment portfolio, making Eli Lilly its third largest position. As of this filing, the value of Providence’s stake in Eli Lilly stands at approximately $9.87 million.

Several other institutional investors have also adjusted their positions in Eli Lilly recently. Notably, PNC Financial Services Group Inc. increased its holdings by an impressive 97.5% in the first quarter, now owning 101,305,650 shares valued at approximately $83.67 billion after acquiring an additional 50,002,551 shares. Additionally, Nuveen LLC established a new position worth about $4.61 billion in the same quarter.

Vanguard Group Inc. raised its stake by 6.7%, amassing 79,224,392 shares valued at around $65.43 billion. Meanwhile, Assenagon Asset Management S.A. increased its holdings by 106.8%, bringing its total to 1,481,031 shares valued at approximately $1.15 billion. Goldman Sachs Group Inc. also boosted its stake by 13.3%, now owning 5,821,993 shares worth about $4.81 billion. Currently, institutional investors and hedge funds collectively own 82.53% of Eli Lilly’s stock.

Eli Lilly’s Stock Performance and Dividend Announcement

As of the latest trading session, Eli Lilly’s stock opened at $1,058.05, reflecting a 1.4% increase. The company has experienced a year marked by volatility, with shares hitting a low of $623.78 and a high of $1,066.65. Eli Lilly boasts a market capitalization of $1 trillion, a price-to-earnings (P/E) ratio of 69.15, and a price-to-earnings growth (P/E/G) ratio of 1.21. The stock’s beta stands at 0.43, indicating lower volatility compared to the market.

In addition to its stock performance, Eli Lilly has announced a quarterly dividend of $1.50 per share, set to be paid on December 10, 2023. Shareholders of record on November 14, 2023 will receive this dividend. The declared amount translates to an annualized dividend of $6.00 and a yield of 0.6%. Eli Lilly’s current dividend payout ratio is 29.35%.

Wall Street Analysts Weigh In on Eli Lilly

Recent evaluations from financial analysts indicate a positive outlook for Eli Lilly. On November 1, 2023, Wall Street Zen upgraded the stock from a “buy” rating to a “strong buy.” Sanford C. Bernstein reaffirmed an “outperform” rating in a research note on November 3, 2023.

In another significant move, HSBC raised its price target for Eli Lilly from $700 to $800, while Scotiabank began coverage with a “sector outperform” rating and set a target price of $1,165. Additionally, Leerink Partners increased its target from $886 to $1,104, adjusting their rating from “market perform” to “outperform.”

Currently, three analysts have rated Eli Lilly with a “Strong Buy,” fifteen have assigned a “Buy,” and seven have given 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 continues to be a significant player in the pharmaceutical industry, recognized for its development and marketing of human pharmaceuticals globally. The company’s product lineup includes treatments for diabetes and obesity, such as Basaglar, Humalog, and Trulicity.

Investors and analysts will be keenly observing upcoming developments as Eli Lilly navigates the competitive pharmaceutical landscape while managing its substantial institutional backing.