During the third quarter, Burney Co. trimmed its Eli Lilly holdings by 1.9%, selling 546 shares and ending the period with 28,069 shares valued at $21.42 million. Meanwhile, Ellsworth Advisors increased its stake by 66.6%, adding 1,719 shares to reach 4,301 shares worth $3.56 million. Covea Finance reduced its position by 9.9%, disposing of 4,400 shares to hold 40,070 shares valued at $30.57 million, and Blue Trust Inc. sold 484 shares (0.5% of its position), ending with 89,627 shares worth $68.39 million. Overall, institutional investors account for 82.53% of the company’s shares outstanding.

Since mid-November, five major brokerages have adjusted their views: JPMorgan Chase raised its target from 1,050 to 1,150 and maintained an overweight rating; Truist Financial lifted its target from 1,038 to 1,182 and reiterated a buy recommendation; BMO Capital Markets set a 1,200 target; Loop Capital affirmed a 950 target; and Bank of America trimmed its target from 1,286 to 1,268 while keeping a buy rating. Across 26 analysts, four rate the stock a Strong Buy, seventeen a Buy and five a Hold, yielding a consensus Moderate Buy rating and an average target of 1,155.36.

In the quarter ended September 30, revenue grew 53.9% year-over-year to $17.60 billion, driven primarily by strong demand for its incretin portfolio. Adjusted EPS of $7.02 beat consensus by $0.60. Net margin expanded to 30.99% and return on equity reached 109.52%. Year-ago EPS was $1.18. For fiscal 2025, management reaffirmed EPS guidance of 23.00–23.70, while sell-side analysts project 23.48.

The board approved a quarterly dividend of $1.73 per share, up from $1.50, representing a 15% increase and an annualized payout of $6.92. With a current yield of 0.6% and a payout ratio near 29.35%, the dividend has grown at a 12% CAGR over the past decade (16% over the past five years). The ex-dividend date is February 13, record date February 13 and payment date March 10, offering scope for continued dividend expansion given the company’s strong free cash flow.