Eli Lilly and Company (NYSE:LLY) Shares Down 6% on Disappointing Earnings

Shares of Eli Lilly and Company (NYSE:LLY) fell 6% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $769.00 and last traded at $849.70. 9,287,159 shares traded hands during trading, an increase of 211% from the average session volume of 2,985,975 shares. The stock had previously closed at $903.58.

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 return on equity of 67.52% and a net margin of 18.86%. The business had revenue of $11.44 billion for the quarter, compared to the consensus estimate of $12.09 billion. During the same period in the previous year, the firm earned $0.10 EPS. The company’s revenue was up 20.4% on a year-over-year basis.

Eli Lilly and Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Friday, November 15th. Eli Lilly and Company’s dividend payout ratio is presently 56.22%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on LLY. Truist Financial raised 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 research note on Thursday, October 10th. Wells Fargo & Company boosted their price target on Eli Lilly and Company from $875.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $885.00 price objective on shares of Eli Lilly and Company in a research report on Monday, September 16th. BMO Capital Markets raised their price target on shares of Eli Lilly and Company from $1,001.00 to $1,101.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Finally, Citigroup increased their price target on Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the company a “buy” rating in a report on Friday, October 25th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,009.00.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Lynx Investment Advisory purchased a new position in shares of Eli Lilly and Company in the 2nd quarter worth approximately $32,000. LGT Financial Advisors LLC purchased a new position in Eli Lilly and Company during the second quarter worth $36,000. Cedar Mountain Advisors LLC increased its position in Eli Lilly and Company by 53.3% during the third 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 last quarter. Morton Brown Family Wealth LLC lifted its holdings in shares of Eli Lilly and Company by 45.5% in the 2nd quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock worth $41,000 after acquiring an additional 15 shares during the last quarter. Finally, Unique Wealth Strategies LLC purchased a new position in shares of Eli Lilly and Company during the 2nd quarter worth about $45,000. Institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Price Performance

The company has a debt-to-equity ratio of 1.74, a quick ratio of 0.87 and a current ratio of 1.11. The company has a market capitalization of $788.70 billion, a P/E ratio of 89.71, a P/E/G ratio of 3.24 and a beta of 0.42. The firm’s fifty day moving average is $913.71 and its 200 day moving average is $864.86.

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.