Eli Lilly and Company (NYSE:LLY) Stock Price Down 0.2% – Here’s Why

Shares of Eli Lilly and Company (NYSE:LLY) dropped 0.2% during mid-day trading on Wednesday . The stock traded as low as $764.30 and last traded at $772.00. Approximately 2,321,953 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 3,211,798 shares. The stock had previously closed at $773.84.

Analyst Upgrades and Downgrades

A number of analysts recently commented on LLY shares. JPMorgan Chase & Co. upped their price objective on shares of Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. 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, December 10th. Redburn Atlantic upgraded Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $885.00 price objective on shares of Eli Lilly and Company in a research report on Monday, September 16th. Finally, Wolfe Research initiated coverage on shares of Eli Lilly and Company in a research note on Friday, November 15th. They issued an “outperform” rating and a $1,000.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eli Lilly and Company currently has a consensus rating of “Moderate Buy” and an average price target of $1,002.22.

Eli Lilly and Company Trading Up 0.8 %

The firm has a market cap of $738.63 billion, a price-to-earnings ratio of 84.12, a P/E/G ratio of 2.99 and a beta of 0.41. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 0.97. The business has a 50-day moving average of $796.03 and a 200-day moving average of $864.45.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.52 by ($0.34). The company had revenue of $11.44 billion for the quarter, compared to analyst estimates of $12.09 billion. Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period last year, the firm earned $0.10 EPS. Research analysts anticipate that Eli Lilly and Company will post 13.18 EPS for the current year.

Eli Lilly and Company Increases Dividend

The company also recently declared 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 represents a $6.00 dividend on an annualized basis and a yield of 0.77%. This is a boost from Eli Lilly and Company’s previous quarterly dividend of $1.30. Eli Lilly and Company’s dividend payout ratio (DPR) is currently 64.86%.

Eli Lilly and Company declared that its board has authorized a stock repurchase program on Monday, December 9th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CAO Donald A. Zakrowski sold 900 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $803.38, for a total value of $723,042.00. Following the sale, the chief accounting officer now owns 5,480 shares in the company, valued at approximately $4,402,522.40. This represents a 14.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Eli Lilly and Company

Several institutional investors and hedge funds have recently modified their holdings of LLY. Peterson Financial Group Inc. bought a new stake in shares of Eli Lilly and Company during the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Eli Lilly and Company during the third quarter worth approximately $30,000. LGT Financial Advisors LLC bought a new stake in shares of Eli Lilly and Company during the second quarter worth approximately $36,000. Cedar Mountain Advisors LLC grew its position in shares of Eli Lilly and Company by 53.3% in the third quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock valued at $41,000 after purchasing an additional 16 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC lifted its holdings in Eli Lilly and Company by 117.1% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 46,132 shares of the company’s stock worth $41,000 after purchasing an additional 24,879 shares during the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

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.