Eli Lilly and Company (NYSE:LLY) Shares Up 1.8% – Here’s Why

Eli Lilly and Company (NYSE:LLY)’s stock price rose 1.8% during mid-day trading on Monday . The stock traded as high as $853.10 and last traded at $852.43. Approximately 550,923 shares changed hands during trading, a decline of 82% from the average daily volume of 3,141,571 shares. The stock had previously closed at $837.57.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LLY. Bank of America reiterated a “buy” rating and issued a $997.00 price objective on shares of Eli Lilly and Company in a research note on Tuesday, December 10th. Leerink Partners set a $950.00 price target on shares of Eli Lilly and Company in a research note on Friday, January 17th. StockNews.com upgraded shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Truist Financial increased their target price on shares of Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, Berenberg Bank set a $970.00 target price on Eli Lilly and Company in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eli Lilly and Company currently has a consensus rating of “Moderate Buy” and an average price target of $1,009.72.

Eli Lilly and Company Stock Up 2.8 %

The company has a debt-to-equity ratio of 2.00, a current ratio of 1.15 and a quick ratio of 0.97. The stock has a market cap of $816.28 billion, a price-to-earnings ratio of 73.45, a price-to-earnings-growth ratio of 1.40 and a beta of 0.34. The firm’s 50-day moving average is $835.99 and its 200 day moving average is $838.30.

Eli Lilly and Company (NYSE:LLY) last announced its earnings results on Thursday, February 6th. The company reported $5.32 earnings per share for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. Sell-side analysts anticipate that Eli Lilly and Company will post 23.48 earnings per share for the current fiscal year.

Eli Lilly and Company announced that its board has authorized a stock repurchase program on Monday, December 9th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CAO Donald A. Zakrowski sold 1,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $818.24, for a total transaction of $818,240.00. Following the transaction, the chief accounting officer now directly owns 5,840 shares of the company’s stock, valued at approximately $4,778,521.60. This trade represents a 14.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.13% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eli Lilly and Company

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LLY. Principal Financial Group Inc. increased its stake in Eli Lilly and Company by 5.3% in the 3rd quarter. Principal Financial Group Inc. now owns 1,208,545 shares of the company’s stock worth $1,070,698,000 after purchasing an additional 60,306 shares in the last quarter. Jim Saulnier & Associates LLC acquired a new stake in shares of Eli Lilly and Company during the third quarter valued at approximately $210,000. Truepoint Inc. lifted its position in shares of Eli Lilly and Company by 99.1% in the 3rd quarter. Truepoint Inc. now owns 462 shares of the company’s stock valued at $409,000 after acquiring an additional 230 shares in the last quarter. Lane & Associates LLC boosted its stake in Eli Lilly and Company by 2.5% in the 3rd quarter. Lane & Associates LLC now owns 2,661 shares of the company’s stock worth $2,358,000 after purchasing an additional 66 shares during the period. Finally, WESPAC Advisors LLC boosted its stake in Eli Lilly and Company by 3.5% in the 3rd quarter. WESPAC Advisors LLC now owns 2,459 shares of the company’s stock worth $2,179,000 after purchasing an additional 84 shares during the period. Institutional investors own 82.53% of the company’s stock.

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.