5 Best Dividend Stocks to Buy According to Israel Englander’s Millennium Management

3. Eli Lilly and Company (NYSE:LLY)

Millennium Management’s Stake Value: $300,592,000

Eli Lilly and Company (NYSE:LLY) is an Indiana-based pharmaceutical company that has operations in 18 countries. The company has consistently paid dividends to shareholders since 1885 and has been raising its payouts for the past 8 consecutive years. It currently pays a quarterly dividend of $0.98 per share, with shares boasting a dividend yield of 1.24%, as of August 26.

In Q2 2022, Millennium Management raised its position in Eli Lilly and Company (NYSE:LLY) by 132%, growing the value of its holding by over $186 million. The hedge fund owned 927,095 LLY shares at the end of the quarter, valued at over $300 million. The company represented 0.18% of Israel Englander’s portfolio.

In August, Citigroup lifted its price target on Eli Lilly and Company (NYSE:LLY) to $370 with a ‘Buy’ rating on the shares, calling the stock an attractive opportunity in the current economic landscape.

The number of hedge funds tracked by Insider Monkey owning stakes in Eli Lilly and Company (NYSE:LLY) jumped to 70 in Q2 2022, from 53 in the previous quarter. Those stakes held a collective value of over $6.7 billion. Fisher Asset Management was the company’s leading stakeholder in Q2, owning LLY shares worth nearly $2 billion.

Baron Funds mentioned Eli Lilly and Company (NYSE:LLY) in its Q2 2022 investor letter. Here is what the firm had to say:

“Eli Lilly and Company is a global pharmaceutical company focused on discovering, developing, and selling medicines for patients in the therapeutic areas of diabetes, oncology, immunology, and neuroscience. Stock performance was strong due to positive study results for Eli Lilly’s drug Tirzepatide (subsequently branded Mounjaro), which delivered up to 22.5% weight loss in adults with obesity. We think Tirzepatide is in the early innings of adoption in a large obesity market where penetration of anti-obesity medications is currently low. We continue to think Eli Lilly has a healthy base business with limited near-term patent expirations, a strong pipeline, and potential for significant margin expansion, which should translate to solid revenue and earnings growth over many years.”