Eli Lilly and Company (NYSE:LLY) Shares Down 0.7% – Here’s Why

Eli Lilly and Company (NYSE:LLY)’s stock price was down 0.7% on Thursday . The stock traded as low as $790.50 and last traded at $790.63. Approximately 574,200 shares changed hands during trading, a decline of 82% from the average daily volume of 3,196,340 shares. The stock had previously closed at $796.03.

Analysts Set New Price Targets

A number of research firms have recently commented on LLY. Bank of America restated a “buy” rating and issued a $997.00 price target on shares of Eli Lilly and Company in a report on Tuesday. Redburn Atlantic raised Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Cantor Fitzgerald restated an “overweight” rating and set a $885.00 target price on shares of Eli Lilly and Company in a report on Monday, September 16th. Guggenheim boosted their price target on shares of Eli Lilly and Company from $884.00 to $1,030.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. Finally, Sanford C. Bernstein started coverage on shares of Eli Lilly and Company in a research report on Thursday, October 17th. They set an “outperform” rating and a $1,100.00 price objective for the company. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Eli Lilly and Company has a consensus rating of “Moderate Buy” and an average target price of $1,002.22.

Eli Lilly and Company Price Performance

The company has a current ratio of 1.27, a quick ratio of 0.97 and a debt-to-equity ratio of 2.03. The firm has a market cap of $743.13 billion, a price-to-earnings ratio of 85.47, a price-to-earnings-growth ratio of 3.13 and a beta of 0.41. The company’s 50-day moving average is $837.49 and its 200-day moving average is $871.40.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Wednesday, October 30th. The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.34). Eli Lilly and Company had a net margin of 20.48% and a return on equity of 71.08%. The firm had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $12.09 billion. During the same quarter in the prior year, the business posted $0.10 earnings per share. Eli Lilly and Company’s revenue for the quarter was up 20.4% compared to the same quarter last year. Equities research analysts predict that Eli Lilly and Company will post 13.21 earnings per share for the current year.

Eli Lilly and Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a $1.50 dividend. This is a positive change 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 0.77%. The ex-dividend date of this dividend is Friday, February 14th. Eli Lilly and Company’s dividend payout ratio is currently 64.86%.

Eli Lilly and Company declared that its Board of Directors has authorized a stock 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Eli Lilly and Company

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

Institutional Investors Weigh In On Eli Lilly and Company

Several large investors have recently modified their holdings of the stock. Peterson Financial Group Inc. purchased a new position in shares of Eli Lilly and Company during the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Eli Lilly and Company during the third quarter valued at about $30,000. LGT Financial Advisors LLC bought a new stake in shares of Eli Lilly and Company in the second quarter valued at approximately $36,000. Morton Brown Family Wealth LLC lifted its stake in shares of Eli Lilly and Company by 45.5% during the 2nd quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock valued at $41,000 after buying an additional 15 shares in the last quarter. Finally, Cedar Mountain Advisors LLC raised its holdings in Eli Lilly and Company by 53.3% during the 3rd quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock valued at $41,000 after acquiring an additional 16 shares during the period. Hedge funds and other 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.