Eli Lilly and Company (NYSE:LLY) Shares Up 1.5% Following Dividend Announcement

Eli Lilly and Company (NYSE:LLY)’s stock price shot up 1.5% during mid-day trading on Tuesday following a dividend announcement from the company. The stock traded as high as $903.69 and last traded at $903.60. 835,047 shares changed hands during trading, a decline of 71% from the average session volume of 2,929,958 shares. The stock had previously closed at $890.11.

The newly announced dividend which will be paid on Tuesday, September 10th. Investors of record on Thursday, August 15th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Thursday, August 15th. Eli Lilly and Company’s payout ratio is currently 76.58%.

Analyst Ratings Changes

Several research firms recently commented on LLY. TheStreet raised shares of Eli Lilly and Company from a “c+” rating to a “b” rating in a research note on Friday, March 8th. Erste Group Bank raised shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group boosted their price objective on shares of Eli Lilly and Company from $650.00 to $723.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Bank of America reissued a “buy” rating and set a $1,000.00 price objective on shares of Eli Lilly and Company in a research note on Monday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Eli Lilly and Company from $850.00 to $900.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $812.72.

Eli Lilly and Company Price Performance

The company has a quick ratio of 1.03, a current ratio of 1.35 and a debt-to-equity ratio of 1.90. The firm’s fifty day moving average price is $804.54 and its two-hundred day moving average price is $734.18. The stock has a market capitalization of $860.07 billion, a PE ratio of 133.28, a PEG ratio of 1.93 and a beta of 0.36.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings data on Monday, May 6th. The company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.05. Eli Lilly and Company had a net margin of 17.08% and a return on equity of 56.98%. The firm had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.94 billion. During the same period in the previous year, the company earned $1.62 earnings per share. The firm’s quarterly revenue was up 26.0% on a year-over-year basis. On average, equities analysts predict that Eli Lilly and Company will post 13.73 earnings per share for the current year.

Insider Activity

In other Eli Lilly and Company news, major shareholder Lilly Endowment Inc sold 2,052 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $809.00, for a total transaction of $1,660,068.00. Following the completion of the sale, the insider now directly owns 98,554,195 shares of the company’s stock, valued at $79,730,343,755. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Eli Lilly and Company news, major shareholder Lilly Endowment Inc sold 2,052 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $809.00, for a total transaction of $1,660,068.00. Following the completion of the sale, the insider now directly owns 98,554,195 shares of the company’s stock, valued at $79,730,343,755. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Donald A. Zakrowski sold 750 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $819.47, for a total transaction of $614,602.50. Following the sale, the chief accounting officer now directly owns 7,130 shares of the company’s stock, valued at $5,842,821.10. The disclosure for this sale can be found here. Insiders sold 789,704 shares of company stock valued at $672,385,964 over the last three months. Insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Eli Lilly and Company

A number of hedge funds have recently modified their holdings of the company. Versant Capital Management Inc boosted its position in shares of Eli Lilly and Company by 1.8% in the first quarter. Versant Capital Management Inc now owns 736 shares of the company’s stock worth $573,000 after purchasing an additional 13 shares during the period. Innova Wealth Partners boosted its position in shares of Eli Lilly and Company by 1.2% in the first quarter. Innova Wealth Partners now owns 1,068 shares of the company’s stock worth $831,000 after purchasing an additional 13 shares during the period. Twin Peaks Wealth Advisors LLC boosted its position in shares of Eli Lilly and Company by 2.0% in the first quarter. Twin Peaks Wealth Advisors LLC now owns 718 shares of the company’s stock worth $559,000 after purchasing an additional 14 shares during the period. Pitti Group Wealth Management LLC boosted its position in shares of Eli Lilly and Company by 0.8% in the first quarter. Pitti Group Wealth Management LLC now owns 1,673 shares of the company’s stock worth $1,271,000 after purchasing an additional 14 shares during the period. Finally, Ulland Investment Advisors LLC boosted its position in shares of Eli Lilly and Company by 7.0% in the first quarter. Ulland Investment Advisors LLC now owns 214 shares of the company’s stock worth $166,000 after purchasing an additional 14 shares during the period. 82.53% of the stock is currently owned by 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.