Eli Lilly and Company (NYSE:LLY) is Rhenman & Partners Asset Management AB’s 2nd Largest Position

Rhenman & Partners Asset Management AB reduced its position in Eli Lilly and Company (NYSE:LLY) by 4.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 45,450 shares of the company’s stock after selling 2,050 shares during the period. Eli Lilly and Company makes up 3.6% of Rhenman & Partners Asset Management AB’s portfolio, making the stock its 2nd biggest position. Rhenman & Partners Asset Management AB’s holdings in Eli Lilly and Company were worth $35,087,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in LLY. Norges Bank purchased a new stake in shares of Eli Lilly and Company during the fourth quarter valued at $8,407,908,000. Proficio Capital Partners LLC boosted its position in Eli Lilly and Company by 100,387.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,202,215 shares of the company’s stock valued at $4,016,110,000 after buying an additional 5,197,038 shares during the period. Wellington Management Group LLP boosted its position in Eli Lilly and Company by 19.0% in the 4th quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company’s stock valued at $9,747,214,000 after buying an additional 2,012,129 shares during the period. Raymond James Financial Inc. bought a new position in Eli Lilly and Company in the 4th quarter worth about $1,240,653,000. Finally, Parnassus Investments LLC increased its position in shares of Eli Lilly and Company by 38,959.8% during the fourth quarter. Parnassus Investments LLC now owns 934,702 shares of the company’s stock worth $721,590,000 after acquiring an additional 932,309 shares during the period. Institutional investors own 82.53% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on LLY. Citigroup dropped their price objective on Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. StockNews.com raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Wells Fargo & Company lifted their price objective 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 objective on shares of Eli Lilly and Company in a research note on Thursday, January 16th. Finally, Truist Financial raised their target price on shares of Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,009.72.

Eli Lilly and Company Stock Performance

Shares of LLY stock opened at $737.56 on Friday. Eli Lilly and Company has a 12-month low of $711.40 and a 12-month high of $972.53. The business’s fifty day simple moving average is $848.36 and its 200-day simple moving average is $832.44. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00. The company has a market cap of $699.33 billion, a PE ratio of 62.99, a PEG ratio of 1.40 and a beta of 0.34.

Eli Lilly and Company (NYSE:LLY) last announced its earnings results 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%. Analysts expect that Eli Lilly and Company will post 23.48 earnings per share for the current fiscal year.

Eli Lilly and Company announced that its Board of Directors has authorized a share repurchase plan on Monday, December 9th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total transaction of $818,240.00. Following the sale, the chief accounting officer now owns 5,840 shares of the company’s stock, valued at approximately $4,778,521.60. The trade was a 14.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.13% of the company’s stock.

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.