Eli Lilly and Company (NYSE:LLY) Shares Down 0.8% – Here’s What Happened

Shares of Eli Lilly and Company (NYSE:LLY) were down 0.8% during trading on Friday . The stock traded as low as $786.01 and last traded at $788.02. Approximately 455,472 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 3,214,434 shares. The stock had previously closed at $794.14.

Wall Street Analyst Weigh In

Several research firms have commented on LLY. Truist Financial increased their price objective on shares of Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Sanford C. Bernstein initiated coverage on Eli Lilly and Company in a report on Thursday, October 17th. They set an “outperform” rating and a $1,100.00 price target for the company. Citigroup upped their price objective on Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $885.00 target price on shares of Eli Lilly and Company in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Friday, September 13th. Five equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,002.22.

Eli Lilly and Company Stock Down 1.5 %

The company’s 50 day moving average is $809.01 and its 200 day moving average is $867.80. The company has a market cap of $742.86 billion, a PE ratio of 84.60, a P/E/G ratio of 2.99 and a beta of 0.41. The company has a current ratio of 1.27, a quick ratio of 0.97 and a debt-to-equity ratio of 2.03.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (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 firm’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 EPS. As a group, analysts predict that Eli Lilly and Company will post 13.18 earnings per share for the current fiscal year.

Eli Lilly and Company Increases Dividend

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

Eli Lilly and Company declared that its board has approved 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 buy up to 2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CAO Donald A. Zakrowski sold 900 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 5,480 shares in the company, valued at $4,402,522.40. This represents a 14.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.13% of the company’s stock.

Institutional Trading of Eli Lilly and Company

Several hedge funds have recently modified their holdings of the company. Beaird Harris Wealth Management LLC lifted its position in Eli Lilly and Company by 2.2% during the second quarter. Beaird Harris Wealth Management LLC now owns 512 shares of the company’s stock valued at $464,000 after acquiring an additional 11 shares during the last quarter. Summit Financial Strategies Inc. lifted its holdings in shares of Eli Lilly and Company by 0.5% during the 3rd quarter. Summit Financial Strategies Inc. now owns 2,105 shares of the company’s stock valued at $1,865,000 after purchasing an additional 11 shares during the last quarter. Prio Wealth Limited Partnership boosted its position in shares of Eli Lilly and Company by 0.5% in the 3rd quarter. Prio Wealth Limited Partnership now owns 2,411 shares of the company’s stock worth $2,136,000 after purchasing an additional 11 shares in the last quarter. O Brien Greene & Co. Inc grew its stake in Eli Lilly and Company by 1.3% during the 2nd quarter. O Brien Greene & Co. Inc now owns 955 shares of the company’s stock worth $865,000 after buying an additional 12 shares during the last quarter. Finally, Tcwp LLC increased its position in Eli Lilly and Company by 2.3% during the 2nd quarter. Tcwp LLC now owns 524 shares of the company’s stock valued at $474,000 after buying an additional 12 shares in the last quarter. 82.53% of the stock is owned by hedge funds and other institutional investors.

About Eli Lilly and Company

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.