NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Lilly Endowment Inc sells Eli Lilly shares worth over $15 million

Published 06/26/2024, 04:04 AM
© Reuters.
LLY
-

In a recent transaction, Lilly Endowment Inc, a significant shareholder in pharmaceutical giant Eli Lilly & Co (NYSE:LLY), has sold a total of $15,547,068 worth of the company's stock. The sales occurred on June 24, 2024, with the prices of the shares sold ranging between $902.30 and $903.418.

The transactions were disclosed in a filing with the Securities and Exchange Commission, where Lilly Endowment Inc reported selling 16,029 shares at a weighted average price of $902.30, and an additional 1,200 shares at an average price of $903.418. The specific prices for these shares varied within the reported ranges, with the larger block of shares being sold at prices from $902.00 to $902.88, and the smaller block being sold at prices from $903.23 to $903.55.

Following these transactions, Lilly Endowment Inc remains a major shareholder of Eli Lilly & Co, with 97,556,910 shares still in its possession. The sales represent a small fraction of the endowment's holdings in the company, suggesting a rebalancing rather than a significant shift in its investment stance.

Eli Lilly & Co, headquartered in Indianapolis, Indiana, is known for its significant contributions to the pharmaceutical industry, including the development of various medications for the treatment of a wide range of conditions. The company has been a staple in the healthcare sector, with a strong track record of research and development.

Investors and market watchers often pay close attention to insider transactions such as these, as they can provide valuable insights into the perspectives of major stakeholders and their views on the company's current valuation and future prospects.

The filing was signed by Diane M. Stenson, Vice President and Treasurer of Lilly Endowment Inc, on behalf of the organization. As a customary practice, the endowment has offered to provide further details regarding the number of shares sold at each separate price within the reported ranges upon request.

In other recent news, Novo Nordisk (NYSE:NVO) has received approval for its weight-loss medication, Wegovy, in China, marking a significant milestone for the company's global presence. However, the company faces a tight timeline due to the impending expiration of its patent on semaglutide, the active ingredient in both Wegovy and its diabetes treatment Ozempic, in less than two years. Despite this, Novo Nordisk's Ozempic has seen considerable success in China, with sales doubling to approximately $698 million last year.

On the other hand, Eli Lilly recently set its Q3 2024 dividend at $1.30 per share and disclosed promising results from their phase 3 clinical trials of tirzepatide for treating moderate-to-severe obstructive sleep apnea in adults with obesity. Barclays has maintained its Overweight rating on Eli Lilly's stock due to the positive outlook following the review of Eli Lilly's Alzheimer's drug, donanemab.

Lastly, Texas's 25th congressional district representative, Roger Williams, has made various stock transactions, including a purchase of Eli Lilly stocks valued between $1,001 and $15,000. These are some of the recent developments concerning Novo Nordisk and Eli Lilly.

InvestingPro Insights

As Eli Lilly & Co (NYSE:LLY) sees notable transactions from major shareholders, the company's financial performance and market valuation provide additional context for investors. According to InvestingPro data, Eli Lilly's market capitalization stands at a robust $813.18 billion, reflecting its significant presence in the pharmaceutical industry. The company's P/E ratio is currently high at 132.46, which could indicate investor confidence in its future earnings potential, despite the stock trading at a high earnings multiple.

With a revenue growth of 29.76% over the last twelve months as of Q1 2024, Eli Lilly demonstrates a strong capacity to expand its financial top line. Additionally, the company has shown a commitment to shareholder returns, raising its dividend for 9 consecutive years and maintaining dividend payments for an impressive 54 consecutive years, as highlighted by two notable InvestingPro Tips. This consistent increase in dividends could be particularly attractive to income-focused investors.

For those looking to delve deeper into Eli Lilly's financial health and stock performance, there are over 20 additional InvestingPro Tips available, offering insights such as the company's net income expectations and its position within the pharmaceutical industry. Prospective subscribers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, accessing a comprehensive array of analytics and metrics to inform their investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.