Burney Co. Reduces Eli Lilly Stake 1.9% While Ellsworth Advisors Lifts Position 66.6%
Burney Co. trimmed its Eli Lilly stake by 1.9% to 28,069 shares (worth $21.42M) in Q3, while Covea Finance sold 4,400 shares, a 9.9% reduction to 40,070 shares ($30.57M). Ellsworth Advisors increased its position by 66.6% to 4,301 shares ($3.56M), reflecting mixed institutional sentiment.
1. Burney Co. Trims Eli Lilly Position
In its latest Form 13F filing for the third quarter, Burney Co. reduced its holdings in Eli Lilly and Company by 1.9%, selling 546 shares to end the period with 28,069 shares. At the end of the quarter, the position was valued at approximately $21.42 million. The modest reduction underscores Burney’s confidence in Eli Lilly’s growth prospects while rebalancing exposure amid rapid sector gains.
2. Broad Institutional Activity in Q3
Other large funds also adjusted Eli Lilly stakes. Central Pacific Bank Trust Division increased its position by 25.8%, adding 1,843 shares to reach 8,990 shares worth $6.86 million. Meanwhile, Capital Advisors Inc. OK raised its holding by 6.8% with an additional 429 shares, bringing its total to 6,747 shares valued at $5.26 million. Family CFO Inc. initiated a new position, acquiring shares valued at about $54,000. Overall, institutional ownership remained elevated at 82.5% of outstanding shares.
3. Continued Positive Analyst Outlook
Research houses remain upbeat on Eli Lilly’s longer-term trajectory. JPMorgan Chase & Co. upgraded to “overweight” and lifted its target, while Truist Financial reiterated a “buy” and increased its projection. Collectively, four analysts have assigned a Strong Buy rating, seventeen a Buy and five a Hold. The consensus Moderate Buy rating reflects expectations for sustained revenue growth driven by blockbuster therapies in development.