Cascade Financial Partners Boosts Stake in Eli Lilly by 0.5%

Cascade Financial Partners LLC has increased its investment in Eli Lilly and Company (NYSE: LLY) by 0.5% during the second quarter of 2023. According to a recent report from HoldingsChannel, Cascade now holds 236,056 shares of the pharmaceutical giant after acquiring an additional 1,070 shares. This increase in holdings reflects the significance of Eli Lilly in Cascade’s portfolio, representing approximately 22.1% of its total investments, valued at about $184,013,000 as per the latest filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also adjusted their stakes in Eli Lilly. Wealth Preservation Advisors LLC entered the market with a new investment worth around $27,000 in the first quarter. Meanwhile, Blume Capital Management Inc. boosted its holdings by 46.7% in the second quarter, now owning 44 shares valued at $34,000. IMG Wealth Management Inc. and TD Capital Management LLC also made notable investments, acquiring new stakes valued at $35,000 and increasing their holdings by 129.2% respectively. Currently, hedge funds and institutional investors collectively own 82.53% of Eli Lilly’s stock.

Analysts Adjust Price Targets for Eli Lilly

The stock’s performance has drawn attention from analysts, leading to various adjustments in price targets. On October 3, Morgan Stanley revised its target price from $1,028.00 to $1,023.00, maintaining an “overweight” rating. Conversely, Erste Group Bank upgraded Eli Lilly from a “hold” to a “buy” rating in a report released on October 14. In contrast, Leerink Partners lowered its rating from “strong-buy” to “hold” on August 7, while Berenberg Bank reiterated a “hold” rating, setting a new target price of $830.00, down from $970.00.

As of now, one analyst has rated the stock as a Strong Buy, with sixteen others issuing Buy ratings and seven recommending a Hold. According to MarketBeat.com, Eli Lilly’s consensus rating stands at “Moderate Buy,” with a price target averaging $981.89.

Eli Lilly’s Financial Performance and Upcoming Dividend

Eli Lilly’s stock performance remains robust, opening at $965.68 on Tuesday. The company reported significant financial results in its latest quarterly earnings on October 30, 2023. Eli Lilly announced earnings per share of $7.02, surpassing analysts’ expectations of $6.42 by $0.60. The firm’s revenue for the quarter reached $17.60 billion, exceeding estimates of $16.09 billion and marking a year-over-year increase of 53.9%.

The company has established its fiscal year 2025 guidance at earnings per share between 23.000 and 23.700. Analysts predict that Eli Lilly will achieve an earnings per share of 23.48 for the current fiscal year. Also noteworthy is Eli Lilly’s recent declaration of a quarterly dividend of $1.50 per share, scheduled for payment on December 10, 2023. The dividend will benefit investors of record as of November 14, with an annualized yield of 0.6%.

Eli Lilly and Company is known for its innovative pharmaceutical products, including treatments for diabetes and obesity. Its portfolio features medications such as Basaglar, Humalog, and Trulicity.

As the market evolves, Eli Lilly remains a focal point for investors and analysts alike, reflecting its prominent position in the pharmaceutical industry and its ongoing financial growth.