Eli Lilly and Company (NYSE:LLY) Stock Price Up 0.5% Following Analyst Upgrade

Eli Lilly and Company (NYSE:LLY)’s share price shot up 0.5% on Wednesday after Wells Fargo & Company raised their price target on the stock from $970.00 to $1,100.00. Wells Fargo & Company currently has an overweight rating on the stock. Eli Lilly and Company traded as high as $924.14 and last traded at $915.81. 683,538 shares traded hands during trading, a decline of 78% from the average session volume of 3,105,913 shares. The stock had previously closed at $911.06.

Several other research firms have also recently weighed in on LLY. Berenberg Bank set a $970.00 price objective on Eli Lilly and Company in a research report on Thursday, January 16th. Leerink Partners set a $950.00 price target on Eli Lilly and Company in a report on Friday, January 17th. Bank of America restated 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. Wolfe Research began coverage on shares of Eli Lilly and Company in a research note on Friday, November 15th. They set an “outperform” rating and a $1,000.00 target price for the company. Finally, Citigroup decreased their price target 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 research report on Tuesday, January 28th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,007.50.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of LLY. Peterson Financial Group Inc. bought a new position in Eli Lilly and Company during the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Eli Lilly and Company in the third quarter valued at approximately $30,000. Highline Wealth Partners LLC raised its stake in shares of Eli Lilly and Company by 80.0% in the fourth quarter. Highline Wealth Partners LLC now owns 45 shares of the company’s stock valued at $35,000 after acquiring an additional 20 shares during the last quarter. Kovitz Investment Group Partners LLC boosted its holdings in shares of Eli Lilly and Company by 117.1% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 46,132 shares of the company’s stock worth $41,000 after acquiring an additional 24,879 shares in the last quarter. Finally, FPC Investment Advisory Inc. grew its position in Eli Lilly and Company by 358.3% during the 4th quarter. FPC Investment Advisory Inc. now owns 55 shares of the company’s stock worth $45,000 after acquiring an additional 43 shares during the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

Eli Lilly and Company Price Performance

The stock has a fifty day moving average of $819.86 and a two-hundred day moving average of $848.03. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00. The stock has a market capitalization of $869.05 billion, a price-to-earnings ratio of 78.27, a PEG ratio of 1.40 and a beta of 0.42.

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 analysts’ consensus estimates 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%. As a group, equities research analysts forecast that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company Increases Dividend

The business 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 is Friday, February 14th. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.65%. Eli Lilly and Company’s payout ratio is currently 51.24%.

Eli Lilly and Company announced that its board has approved a stock buyback plan on Monday, December 9th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.