Eli Lilly and Company (NYSE:LLY) Stock Price Down 0.6% – Here’s What Happened

Eli Lilly and Company (NYSE:LLY)’s share price was down 0.6% during trading on Tuesday . The company traded as low as $767.25 and last traded at $768.83. Approximately 348,052 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 3,203,719 shares. The stock had previously closed at $773.84.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reduced their price target on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Redburn Atlantic raised Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Wolfe Research assumed coverage on shares of Eli Lilly and Company in a report on Friday, November 15th. They issued an “outperform” rating and a $1,000.00 price target on the stock. Citigroup boosted their price objective on shares of Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $885.00 target price on shares of Eli Lilly and Company in a research note on Monday, September 16th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, Eli Lilly and Company has a consensus rating of “Moderate Buy” and a consensus price target of $1,002.22.

Eli Lilly and Company Stock Performance

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 company has a 50 day simple moving average of $803.67 and a 200-day simple moving average of $866.46. The firm has a market cap of $726.65 billion, a PE ratio of 82.75, a price-to-earnings-growth ratio of 2.99 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). The business had revenue of $11.44 billion during the quarter, compared to analysts’ expectations of $12.09 billion. Eli Lilly and Company had a net margin of 20.48% and a return on equity of 71.08%. Eli Lilly and Company’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period last year, the company posted $0.10 EPS. As a group, equities research analysts anticipate that Eli Lilly and Company will post 13.18 EPS for the current year.

Eli Lilly and Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a $1.50 dividend. The ex-dividend date is Friday, February 14th. This represents a $6.00 annualized dividend and a dividend yield of 0.78%. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. Eli Lilly and Company’s payout ratio is currently 64.86%.

Eli Lilly and Company announced 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 shares. This buyback authorization authorizes the company to purchase up to 2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $803.38, for a total value of $723,042.00. Following the transaction, the chief accounting officer now owns 5,480 shares in the company, valued at approximately $4,402,522.40. The trade was a 14.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is owned by corporate insiders.

Institutional Trading of Eli Lilly and Company

Institutional investors have recently modified their holdings of the company. Lantz Financial LLC lifted its holdings in Eli Lilly and Company by 1.3% in the 2nd quarter. Lantz Financial LLC now owns 1,236 shares of the company’s stock worth $1,119,000 after buying an additional 16 shares during the period. Heritage Family Offices LLP purchased a new stake in Eli Lilly and Company in the second quarter worth $1,759,000. Drive Wealth Management LLC boosted its holdings in Eli Lilly and Company by 2.8% in the second quarter. Drive Wealth Management LLC now owns 2,242 shares of the company’s stock valued at $2,029,000 after acquiring an additional 62 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its position in Eli Lilly and Company by 8.3% during the 2nd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 63,161 shares of the company’s stock valued at $57,185,000 after purchasing an additional 4,819 shares during the period. Finally, D.A. Davidson & CO. raised its holdings in Eli Lilly and Company by 4.9% in the 2nd quarter. D.A. Davidson & CO. now owns 43,054 shares of the company’s stock worth $38,981,000 after purchasing an additional 2,027 shares in the last quarter. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

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.