Eli Lilly and Company (NYSE:LLY) Shares Down 2% – Here’s What Happened

Shares of Eli Lilly and Company (NYSE:LLY) were down 2% during mid-day trading on Thursday . The company traded as low as $800.00 and last traded at $801.70. Approximately 753,226 shares changed hands during trading, a decline of 77% from the average daily volume of 3,302,284 shares. The stock had previously closed at $818.22.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LLY. Berenberg Bank set a $970.00 price target on shares of Eli Lilly and Company in a report on Thursday, January 16th. Leerink Partners set a $950.00 price objective on Eli Lilly and Company in a research report on Friday, January 17th. Morgan Stanley set a $1,146.00 price target on shares of Eli Lilly and Company in a research report on Thursday, March 6th. Truist Financial raised their price objective on shares of Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, Citigroup cut their target price on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,009.72.

Eli Lilly and Company Trading Down 3.6 %

The firm has a fifty day simple moving average of $848.85 and a two-hundred day simple moving average of $834.05. The stock has a market cap of $747.75 billion, a PE ratio of 67.35, a PEG ratio of 1.40 and a beta of 0.34. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00.

Eli Lilly and Company (NYSE:LLY) last released its earnings results on Thursday, February 6th. The company reported $5.32 earnings per share for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. As a group, equities analysts expect 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 of Directors has authorized a share repurchase plan on Monday, December 9th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Eli Lilly and Company

In other news, CAO Donald A. Zakrowski sold 1,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total transaction of $818,240.00. Following the sale, the chief accounting officer now owns 5,840 shares in the company, valued at $4,778,521.60. This represents a 14.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Eli Lilly and Company

Hedge funds and other institutional investors have recently bought and sold shares of the stock. 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 buying an additional 60,306 shares in the last quarter. Motley Fool Asset Management LLC lifted its holdings in shares of Eli Lilly and Company by 4.2% in the 3rd quarter. Motley Fool Asset Management LLC now owns 39,005 shares of the company’s stock valued at $34,499,000 after acquiring an additional 1,575 shares during the last quarter. Morse Asset Management Inc lifted its stake in shares of Eli Lilly and Company by 1.3% in the 3rd quarter. Morse Asset Management Inc now owns 11,047 shares of the company’s stock valued at $9,787,000 after purchasing an additional 137 shares during the last quarter. Mission Creek Capital Partners Inc. boosted its stake in Eli Lilly and Company by 3.6% during the third quarter. Mission Creek Capital Partners Inc. now owns 2,870 shares of the company’s stock worth $2,542,000 after buying an additional 99 shares during the period. Finally, Menard Financial Group LLC raised its stake in shares of Eli Lilly and Company by 2.3% in the third quarter. Menard Financial Group LLC now owns 761 shares of the company’s stock valued at $674,000 after acquiring an additional 17 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.