Eli Lilly and Company (NYSE:LLY) Shares Up 1% – Here’s Why

Eli Lilly and Company (NYSE:LLY)’s stock price was up 1% during mid-day trading on Thursday . The stock traded as high as $787.00 and last traded at $779.77. Approximately 538,739 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 3,211,798 shares. The stock had previously closed at $772.00.

Analysts Set New Price Targets

LLY has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating for the company in a report on Monday, November 4th. Bank of America reiterated a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. StockNews.com upgraded Eli Lilly and Company from a “hold” rating to a “buy” rating in a report on Wednesday. Barclays lowered their target price on Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Finally, Sanford C. Bernstein assumed coverage on shares of Eli Lilly and Company in a report on Thursday, October 17th. They issued an “outperform” rating and a $1,100.00 price target for the company. Four investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Eli Lilly and Company has a consensus rating of “Moderate Buy” and an average target price of $1,002.22.

Eli Lilly and Company Stock Performance

The firm has a 50 day moving average of $793.82 and a 200-day moving average of $863.74. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.97 and a current ratio of 1.27. The stock has a market capitalization of $742.35 billion, a PE ratio of 84.54, a P/E/G ratio of 2.99 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last issued its earnings results on Wednesday, October 30th. The company reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). The firm had revenue of $11.44 billion during the quarter, compared to analysts’ expectations of $12.09 billion. Eli Lilly and Company had a net margin of 20.48% and a return on equity of 71.08%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.10 EPS. Research analysts forecast that Eli Lilly and Company will post 13.18 earnings per share for the current year.

Eli Lilly and Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 dividend on an annualized basis and a yield of 0.77%. Eli Lilly and Company’s payout ratio is 64.86%.

Eli Lilly and Company declared that its board has authorized a share repurchase plan on Monday, December 9th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Eli Lilly and Company

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $803.38, for a total transaction of $723,042.00. Following the transaction, the chief accounting officer now owns 5,480 shares in the company, valued at $4,402,522.40. This trade represents a 14.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.13% of the stock is owned by company insiders.

Institutional Trading of Eli Lilly and Company

Large investors have recently modified their holdings of the company. M&T Bank Corp lifted its holdings in shares of Eli Lilly and Company by 0.7% during the third quarter. M&T Bank Corp now owns 266,822 shares of the company’s stock worth $236,389,000 after buying an additional 1,867 shares during the last quarter. Everence Capital Management Inc. boosted its holdings in Eli Lilly and Company by 3.2% in the 4th quarter. Everence Capital Management Inc. now owns 22,340 shares of the company’s stock valued at $17,246,000 after purchasing an additional 690 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in Eli Lilly and Company in the 3rd quarter worth $34,328,000. Cumberland Partners Ltd increased its holdings in shares of Eli Lilly and Company by 173.4% during the 3rd quarter. Cumberland Partners Ltd now owns 21,984 shares of the company’s stock worth $19,477,000 after purchasing an additional 13,942 shares during the period. Finally, Wilmington Savings Fund Society FSB raised its position in shares of Eli Lilly and Company by 132.7% during the third quarter. Wilmington Savings Fund Society FSB now owns 40,055 shares of the company’s stock valued at $35,486,000 after buying an additional 22,840 shares during the last quarter. 82.53% of the stock is owned by institutional investors.

Eli Lilly and Company Company Profile

Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. The company offers Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity.