Eli Lilly and Company (LLY) Reported Greater-Than-Expected Demand

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market’s increased concentration on generative AI pushed the mega-cap growth stocks to outperform in the quarter. The strategy outperformed its benchmark the Russell 1000 Growth Index through a high-beta-driven period of mega-cap dominance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Growth Strategy highlighted stocks like Eli Lilly and Company (NYSE:LLY) in the second quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a pharmaceutical company. On July 7, 2023, Eli Lilly and Company (NYSE:LLY) stock closed at $452.08 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was 1.52%, and its shares gained 36.55% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $ 429.147 billion.

ClearBridge Large Cap Growth Strategy made the following comment about Eli Lilly and Company (NYSE:LLY)  in its second quarter 2023 investor letter:

“Supporting our widely-held names in the second quarter were solid contributions in health care. Newer holding Eli Lilly and Company (NYSE:LLY) also rose strongly on greater than expected demand for its diabetes and obesity treatment.”

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Eli Lilly and Company (NYSE:LLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held Eli Lilly and Company (NYSE:LLY) at the end of first quarter 2023 which was 76 in the previous quarter.

We discussed Eli Lilly and Company (NYSE:LLY) in another article and shared the list of top S&P 500 stocks by index weight. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.