Inclusion Criteria:  Have a diagnosis of stable heart failure (NYHA class II-IV) and left ventricular ejection fraction (LVEF) ≥50% Elevated NT-proBNP (N-terminal pro B-type natriuretic peptide) > 200 pg/ml for participants without atrial fibrillation (AF), or >600 picogram/milliliter (pg/ml) for participants with AF, Structural heart disease (Left atrial enlargement) or Elevated left ventricular filling pressure Estimated glomerular filtration rate (eGFR) <70 milliliter (ml)/minute (min)/1.73m² at screening, or HF decompensation within 12 months of screening, Stable dose of heart failure medications within 4 weeks of screening Body mass index (BMI) ≥30 kilograms per meter squared (kg/m²) 6MWD 100-425m KCCQ CSS ≤80  Exclusion Criteria:  Have had a major cardiovascular event within the last 90 days of screening Have had acute decompensated heart failure within 4 weeks of screening Have non cardiac causes of functional impairment such as pulmonary arterial hypertension (PAH), severe chronic obstructive pulmonary disease (COPD), anemia, thyroid disease, musculoskeletal disease or orthopedic conditions Presence of cardiac amyloidosis, cardiac accumulation disease, cardiomyopathy and severe valvular hear disease HbA1c ≥9.5% or uncontrolled diabetes History of proliferative diabetic retinopathy or diabetic maculopathy Have a history of pancreatitis eGFR <15 mL/min/1.73 m² or requiring dialysis at screening