1. Eli Lilly and Company (NYSE:LLY)
Year-to-Date Return as of November 4: 31.53%
Number of Hedge Fund Holders: 70
Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company that develops and markets innovative pharmaceutical solutions for humans and animals. Eli Lilly and Company (NYSE:LLY) has a strong track record of innovation and commercial success. The company is well-capitalized and has a strong balance sheet and a history of disciplined capital allocation. The company’s strong financial position has allowed it to invest in research and development, which is the key to its future success. Eli Lilly and Company (NYSE:LLY) is among the stocks that are on the rise and has gained 31.5% so far in 2022, as of November 4.
Eli Lilly and Company (NYSE:LLY) has free cash flows of $5.33 billion. The company is also efficient at making profits for investors and has an ROE of 66.5%. On November 2, Barclays analyst Carter Gould raised his price target on Eli Lilly and Company (NYSE:LLY) to $395 from $355 and maintained an Overweight rating on the shares.
On November 1, Eli Lilly and Company (NYSE:LLY) reported market-beating earnings for the fiscal third quarter of 2022. The company reported an EPS of $1.98 and beat estimates by $0.04. Eli Lilly and Company (NYSE:LLY) generated a revenue of $6.94 billion for the quarter and outperformed consensus by $36.68 million.
At the end of Q2 2022, Eli Lilly and Company (NYSE:LLY) was a part of 70 hedge fund portfolios. These funds disclosed stakes of $6.71 billion in the company, up from $5.07 billion in the previous quarter with 53 positions. The hedge fund sentiment for the stock is positive.
As of June 30, Fisher Asset Management is the most prominent shareholder in Eli Lilly and Company (NYSE:LLY) and has a position worth $1.92 billion in the company.
Here is what Baron Funds had to say about Eli Lilly and Company (NYSE:LLY) in its third-quarter 2022 investor letter:
“In pharmaceuticals, our largest investment is in Eli Lilly and Company (NYSE:LLY). Lilly’s new diabetes drug Mounjaro is off to a strong start. In addition, Mounjaro may be approved for obesity next year. In clinical trials, Mounjaro delivered up to 22.5% average weight loss in adults with obesity and has the potential to be a top-selling drug. Lilly also has a drug in development for Alzheimer’s disease in the same class as Lecanemab, a drug being developed by Biogen and Eisai that slowed the rate of cognitive decline in a late-stage clinical trial. Lilly is not facing any significant near-term patent expirations and we think the company should be able to grow revenue and earnings at attractive rates through the end of the decade and beyond.”
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