The endowment of Eli Lilly & Co. (LLY), which focuses on charitable causes, has now become the largest in the U.S. with more than $100 billion of assets under management.
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Eli Lilly recently made history by becoming the first pharmaceutical company to reach a $1 trillion market capitalization. The sharp rise in LLY stock has pushed the value of the assets held in the Lilly Endowment to $102 billion.
The endowment is the largest shareholder of Eli Lilly stock, owning 92.5 million shares, according to its most recent regulatory filing with the U.S. Securities and Exchange Commission (SEC). The endowment is run by a private foundation that operates independently from the drug maker.
Bigger than Bill Gates
The value of the Lilly Endowment’s holdings of LLY stock has soared due to the weight-loss drug boom that has accelerated over the past year. The Lilly Endowment is now the largest foundation in the U.S., surpassing the Gates Foundation’s $77.2 billion of assets under management.
The Gates Foundation was started by Microsoft (MSFT) co-founder Bill Gates and is focused on healthcare and climate change issues. The Lilly Endowment directs its money toward three areas: religion, education, and community development, and is focused on initiatives in Indiana where Eli Lilly has its global headquarters.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy rating among 20 Wall Street analysts. That rating is based on 18 Buy and two Hold recommendations issued in the last three months. The average LLY price target of $1,035.22 implies 5.98% downside from current levels.
