Eli Lilly and Company (NYSE:LLY) Shares Gap Up Following Better-Than-Expected Earnings

Eli Lilly and Company (NYSE:LLY) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $737.20, but opened at $775.00. Eli Lilly and Company shares last traded at $792.56, with a volume of 2,871,495 shares traded.

The company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.05. Eli Lilly and Company had a return on equity of 59.28% and a net margin of 17.08%. The company had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.94 billion. During the same quarter in the previous year, the firm posted $1.62 EPS. The firm’s revenue was up 26.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Citigroup boosted their price objective on Eli Lilly and Company from $675.00 to $895.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $885.00 price objective (up previously from $815.00) on shares of Eli Lilly and Company in a report on Tuesday. The Goldman Sachs Group boosted their price objective on Eli Lilly and Company from $650.00 to $723.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Erste Group Bank raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Bank of America boosted their price objective on Eli Lilly and Company from $800.00 to $1,000.00 and gave the company a “buy” rating in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $757.95.

Institutional Investors Weigh In On Eli Lilly and Company

Large investors have recently bought and sold shares of the company. Simon Quick Advisors LLC increased its stake in Eli Lilly and Company by 10.5% during the 4th quarter. Simon Quick Advisors LLC now owns 2,927 shares of the company’s stock worth $1,706,000 after buying an additional 278 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new stake in shares of Eli Lilly and Company in the fourth quarter valued at approximately $363,000. Terril Brothers Inc. grew its position in shares of Eli Lilly and Company by 113.2% in the fourth quarter. Terril Brothers Inc. now owns 808 shares of the company’s stock valued at $471,000 after purchasing an additional 429 shares in the last quarter. Hartline Investment Corp grew its position in shares of Eli Lilly and Company by 1.1% in the fourth quarter. Hartline Investment Corp now owns 21,934 shares of the company’s stock valued at $12,786,000 after purchasing an additional 248 shares in the last quarter. Finally, Meritage Portfolio Management grew its position in shares of Eli Lilly and Company by 23.4% in the fourth quarter. Meritage Portfolio Management now owns 6,377 shares of the company’s stock valued at $3,717,000 after purchasing an additional 1,208 shares in the last quarter. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

Eli Lilly and Company Stock Down 0.6 %

The company has a quick ratio of 0.73, a current ratio of 0.94 and a debt-to-equity ratio of 1.69. The business has a 50-day moving average price of $762.03 and a 200-day moving average price of $669.96. The firm has a market capitalization of $738.04 billion, a PE ratio of 114.40, a price-to-earnings-growth ratio of 1.58 and a beta of 0.37.

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.