Commons Capital LLC Expands Investment in Eli Lilly by 17.5%

Commons Capital LLC has increased its stake in Eli Lilly and Company (NYSE: LLY) by 17.5% during the second quarter of 2023, according to Holdings Channel. The institutional investor now owns 618 shares of Eli Lilly after acquiring an additional 92 shares in the period, bringing the total value of its holdings to approximately $482,000 at the close of the reporting period.

Several other institutional investors have also adjusted their positions in Eli Lilly recently. WestEnd Advisors LLC significantly boosted its stake by 210.0% in the first quarter, now holding 31 shares valued at $26,000. Wealth Preservation Advisors LLC established a new position worth about $27,000, while Citizens National Bank Trust Department raised its holdings by 180.0% to 42 shares, valued at $35,000 after purchasing an additional 27 shares.

Financial Gravity Asset Management Inc. and TD Capital Management LLC also made notable investments, with TD increasing its position by 129.2%, bringing its total to 55 shares valued at $46,000. Notably, institutional investors now own 82.53% of Eli Lilly’s stock.

Insider Transactions Highlight Confidence in Eli Lilly

In related news, executive vice president Daniel Skovronsky purchased 1,000 shares at an average price of $634.40 per share on August 12, 2023, amounting to a total transaction value of $634,400. Following this transaction, Skovronsky’s holdings increased to 137,660 shares, valued at approximately $87.3 million. This purchase was disclosed in a filing with the Securities and Exchange Commission.

Additionally, director Jamere Jackson acquired 200 shares on August 8, 2023, at an average price of $639.56, totaling $127,912. Jackson now directly owns 9,402 shares, valued at approximately $6 million. In total, insiders have purchased 4,514 shares valued at $2.89 million over the past three months, with insiders holding 0.13% of the company’s stock.

Eli Lilly’s Strong Earnings and Analyst Ratings

Eli Lilly reported its quarterly earnings on August 7, 2023, revealing an earnings per share (EPS) of $6.31, surpassing analysts’ expectations of $5.59 by $0.72. The company achieved a return on equity of 92.72% and a net margin of 25.91%, with revenue reaching $15.56 billion, well above the anticipated $14.40 billion. This marks a 37.6% increase in revenue compared to the same quarter last year.

Eli Lilly has set its fiscal year 2025 guidance at $21.750 – $23.000 EPS, while analysts project an EPS of $23.48 for the current year.

Recent evaluations from multiple research firms indicate a positive outlook for Eli Lilly. DZ Bank upgraded the company’s rating from “hold” to “strong-buy” on August 14, 2023. Weiss Ratings maintained a “hold (c+)” rating, while Daiwa Capital Markets downgraded its rating from “outperform” to “neutral,” setting a price target of $700.00. Wall Street Zen adjusted its rating from “strong-buy” to “buy,” and Cantor Fitzgerald set a price target of $925.00, labeling the stock as “overweight.” Currently, one analyst rates the stock as a strong buy, fourteen as buy, and nine as hold, leading to a consensus rating of “moderate buy” with a price target of $939.12.

Eli Lilly and Company continues to be a significant player in the pharmaceutical industry, focusing on discovering, developing, and marketing medications globally. Its product range includes treatments for diabetes and obesity, among others. As investor interest grows, Eli Lilly remains poised for potential growth in the coming quarters.