Eli Lilly and Company (LLY)’s Growth was Driven by Its Diabetes Business

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like Eli Lilly and Company (NYSE:LLY) in the third quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a pharmaceutical company. On October 24, 2023, Eli Lilly and Company (NYSE:LLY) stock closed at $592.43 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was 7.76%, and its shares gained 65.55% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $562.391 billion.

Madison Sustainable Equity Fund made the following comment about Eli Lilly and Company (NYSE:LLY) in its Q3 2023 investor letter:

“Eli Lilly and Company (NYSE:LLY) again moved higher in the third quarter. The stock has continued to be fueled by its diabetes franchise, in particular Mounjaro, which has been approved for use in diabetes but is also expected to be approved in obesity later this year. We are also waiting for approval of donanemab for Alzheimer’s which should occur by year end.”

An array of pharmaceutical pills with the company’s logo on the bottle. Editorial photo for a financial news article. 8k. –ar 16:9

Eli Lilly and Company (NYSE:LLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 87 hedge fund portfolios held Eli Lilly and Company (NYSE:LLY) at the end of second quarter which was 72 in the previous quarter.

We discussed Eli Lilly and Company (NYSE:LLY) in another article and shared the list of defensive healthcare dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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.