Eli Lilly and Company (NYSE:LLY) Trading Up 0.7% – Time to Buy?

Eli Lilly and Company (NYSE:LLY)’s share price was up 0.7% during trading on Thursday . The company traded as high as $880.32 and last traded at $873.36. Approximately 863,579 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 3,692,492 shares. The stock had previously closed at $867.05.

Analysts Set New Price Targets

Several research analysts recently issued reports on LLY shares. StockNews.com raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Barclays cut their target price on Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft cut their target price on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Bank of America reaffirmed a “buy” rating and set a $997.00 target price on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Finally, Redburn Atlantic raised Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus price target of $1,007.94.

Eli Lilly and Company Stock Performance

The business has a 50 day moving average of $801.33 and a 200-day moving average of $846.75. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.97 and a current ratio of 1.15. The company has a market capitalization of $828.82 billion, a P/E ratio of 74.65, a price-to-earnings-growth ratio of 1.40 and a beta of 0.42.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. On average, sell-side analysts predict that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 0.69%. This is a boost from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date is Friday, February 14th. Eli Lilly and Company’s payout ratio is presently 51.24%.

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

Hedge Funds Weigh In On Eli Lilly and Company

A number of hedge funds and other institutional investors have recently modified their holdings of LLY. International Assets Investment Management LLC boosted its holdings in shares of Eli Lilly and Company by 87,091.7% in the 3rd quarter. International Assets Investment Management LLC now owns 12,463,182 shares of the company’s stock worth $11,041,631,000 after purchasing an additional 12,448,888 shares in the last quarter. Norges Bank purchased a new position in shares of Eli Lilly and Company in the 4th quarter worth about $8,407,908,000. Proficio Capital Partners LLC lifted its stake in shares of Eli Lilly and Company by 100,387.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,202,215 shares of the company’s stock valued at $4,016,110,000 after acquiring an additional 5,197,038 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Eli Lilly and Company by 19.0% in the 4th quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company’s stock valued at $9,747,214,000 after acquiring an additional 2,012,129 shares during the last quarter. Finally, Capital International Investors lifted its stake in shares of Eli Lilly and Company by 23.2% in the 4th quarter. Capital International Investors now owns 8,730,758 shares of the company’s stock valued at $6,740,272,000 after acquiring an additional 1,645,222 shares during the last quarter. 82.53% of the stock is currently owned by hedge funds and other 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.