6. Eli Lilly and Company (NYSE:LLY)
Consecutive Years of Dividend Payments: 139
Eli Lilly and Company (NYSE:LLY) ranks sixth on our list of the best dividend zombies. The global pharmaceutical company that manufactures and develops a wide range of medicines for serious ailments. In the first quarter of 2024, the company reported revenue of $8.77 billion, which showed a 26% growth from the same period last year. This growth in revenue was thanks to the success of two new drugs: Zepbound, approved for weight loss, and Mounjaro, approved for diabetes. The company’s advancements in tackling some of the world’s major healthcare issues have led to a higher demand for its medicines.
Eli Lilly and Company (NYSE:LLY) also grew its gross margins by 33% on a year-over-year basis to $7.09 billion. The company has strong fundamentals and a portfolio of highly successful products. According to analysts, while the stock might be volatile in the short term due to market fluctuations, significant growth is anticipated in the weight loss, diabetes, and Alzheimer’s markets. Since the start of 2024, the stock has gained nearly 13% and in the past five years, the stock delivered a 50.6% return.
On May 6, Eli Lilly and Company (NYSE:LLY) declared a quarterly dividend of $1.30 per share, which was in line with its previous dividend. In 2023, the company achieved its 10th consecutive year of dividend growth. Moreover, it has been making regular dividend payments to shareholders since 1885, which makes it one of the best dividend zombies on our list. The stock’s dividend yield on June 20 came in at 0.59%.
Baron Funds highlighted Eli Lilly and Company (NYSE:LLY)’s new drugs and the company’s overall performance in its Q1 2024 investor letter. Here is what the firm has to say:
“Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company that discovers, develops, manufactures, and sells medicines in the categories of diabetes, oncology, neuroscience, and immunology, among other areas. Stock performance was strong due to robust fourth quarter sales of Mounjaro/ Zepbound, better-than-anticipated initial guidance for fiscal year 2024, and ongoing enthusiasm surrounding the company’s obesity and diabetes franchises. We continue to think Lilly is well positioned to grow revenue and earnings at attractive rates through the end of the decade and beyond.”
The number of hedge funds tracked by Insider Monkey owning stakes in Eli Lilly and Company (NYSE:LLY) grew to 109 in Q1 2024, from 102 in the previous quarter. The total value of these stakes is over $13.6 billion. Among these hedge funds, Fisher Asset Management was the company’s leading stakeholder in Q1.
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