FNY Investment Advisers Boosts Stake in Eli Lilly by 441.9%

FNY Investment Advisers LLC significantly increased its stake in Eli Lilly and Company (NYSE: LLY) by 441.9% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, the firm acquired an additional 928 shares, raising its total holdings to 1,138 shares valued at approximately $887,000 by the end of June.

Multiple institutional investors have also adjusted their positions in Eli Lilly. Notably, Chokshi & Queen Wealth Advisors Inc raised its stake by 9.5%, now owning 1,036 shares worth $807,000 after purchasing 90 additional shares. Similarly, D.A. Davidson & CO. increased its holdings by 5.0%, accumulating 46,111 shares valued at $35.9 million following a purchase of 2,211 shares.

Blume Capital Management Inc. and Gables Capital Management Inc. also made notable increases. Blume’s holdings rose by 46.7%, now owning 44 shares worth $34,000, while Gables Capital raised its stake by 10.6%, owning 2,899 shares valued at $2.26 million after acquiring 278 shares. Cullen Frost Bankers Inc. rounded out these updates with a 1.0% increase, bringing its total shares to 103,839, valued at $80.95 million. Institutional investors now hold approximately 82.53% of Eli Lilly’s stock.

Analysts Adjust Price Targets for Eli Lilly

Recent analysis from various financial institutions has led to changes in price targets for Eli Lilly’s stock. On August 8, UBS Group lowered its price objective from $1,050.00 to $895.00, maintaining a “buy” rating. Conversely, Goldman Sachs raised its price target from $876.00 to $879.00, also rating the stock as a “buy” on October 10. Guggenheim reaffirmed a “buy” rating with a target of $948.00 on October 16, while HSBC Global Research elevated its rating from “moderate sell” to “hold” on August 27. Morgan Stanley adjusted its price target downward from $1,028.00 to $1,023.00 while maintaining an “overweight” rating.

Analysts have generally issued a positive outlook, with one rating the stock as a Strong Buy, fifteen as Buy, and nine as Hold. According to MarketBeat, Eli Lilly currently holds an average rating of “Moderate Buy” with a consensus target price of $938.61.

Eli Lilly’s Market Performance and Recent Earnings

As of August 9, Eli Lilly shares opened at $799.85. The company maintains a market capitalization of $757.03 billion and shows a price-to-earnings (P/E) ratio of 52.28 with a P/E/G ratio of 1.16. The stock has fluctuated considerably, with a 52-week low of $623.78 and a high of $935.63.

In its latest earnings report released on August 7, Eli Lilly reported earnings per share (EPS) of $6.31, surpassing analysts’ expectations of $5.59 by $0.72. The company’s revenue for the quarter reached $15.56 billion, exceeding the consensus estimate of $14.40 billion. Year-over-year, Eli Lilly’s revenue increased by 37.6%, with the previous year’s EPS at $3.92. The company has set its fiscal year 2025 EPS guidance between $21.750 and $23.000. Analysts forecast an EPS of $23.48 for the current fiscal year.

Insider Activity Shows Confidence in Eli Lilly

In a show of confidence, Eli Lilly’s Director, Jamere Jackson, purchased 200 shares on August 8 at an average price of $639.56 per share, totaling $127,912.00. Following this transaction, Jackson’s total ownership increased to 9,402 shares, valued at approximately $6.01 million. Executive Vice President Daniel Skovronsky also acquired 1,000 shares on August 12 for an average cost of $634.40, amounting to $634,400.00.

Overall, insiders have acquired 4,514 shares valued at $2.89 million over the last quarter, reflecting a modest 0.14% of total stock ownership by insiders.

About Eli Lilly and Company

Eli Lilly and Company is a global leader in pharmaceutical innovation, focusing on the discovery, development, and marketing of human pharmaceuticals. The company’s portfolio includes treatments for diabetes, obesity, and various other medical conditions, showcasing its commitment to improving health outcomes worldwide.