Eli Lilly stock pulls back from record high after disclosing sales by largest shareholder

Shares of Eli Lilly & Co.
LLY,
-3.10%
fell 4.0% in afternoon trading Tuesday, to pullback from the previous session’s record close, after the drug maker disclosed that its largest shareholder sold nearly $64 million worth of its shares. In a Form 4 filing with the Securities and Exchange Commission, the company said Lilly Endowment Inc., a private philanthropic foundation, sold 200,000 Eli Lilly shares in the open market on May 27. The sales were executed in a series of trades ranging from $314.44 to $323.421. Based on a MarketWatch calculation of the data provided, the weighted average price of the sales was $318.983, which compares with the May 27 trading range of $311.26 to $324.08, and record closing price of $323.48. After the sales, Lilly Endowment still owns 104.83 million Lilly shares, or about 11.0% of the shares outstanding, which at current stock prices would be valued at about $32.56 billion. Lilly’s stock has rallied 12.4% year to date, while the SPDR Health Care Select Sector ETF
XLV,
-1.34%
has lost 6.4% and the S&P 500
SPX,
-0.63%
has dropped 13.4%.