Eli Lilly and Company (NYSE:LLY) Shares Down 2% – What’s Next?

Eli Lilly and Company (NYSE:LLY) dropped 2% on Thursday . The company traded as low as $800.00 and last traded at $801.70. Approximately 753,226 shares traded hands during trading, a decline of 77% from the average daily volume of 3,302,284 shares. The stock had previously closed at $818.22.

Wall Street Analyst Weigh In

LLY has been the topic of several research reports. Truist Financial lifted their price objective on shares of Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Citigroup lowered their price objective on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Bank of America restated a “buy” rating and issued a $997.00 target price on shares of Eli Lilly and Company in a research note on Tuesday, December 10th. Berenberg Bank set a $970.00 price target on Eli Lilly and Company in a research note on Thursday, January 16th. Finally, Wells Fargo & Company upped their target price on Eli Lilly and Company from $970.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Three 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,009.72.

Eli Lilly and Company Trading Down 3.6 %

The company has a 50 day simple moving average of $848.85 and a 200 day simple moving average of $834.05. The company has a market capitalization of $747.75 billion, a PE ratio of 67.35, a price-to-earnings-growth ratio of 1.40 and a beta of 0.34. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.97 and a current ratio of 1.15.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Thursday, February 6th. The company reported $5.32 earnings per share for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. Analysts anticipate that Eli Lilly and Company will post 23.48 earnings per share for the current year.

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

Insider Transactions at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 1,000 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $818.24, for a total value of $818,240.00. Following the completion of the sale, the chief accounting officer now owns 5,840 shares of the company’s stock, valued at approximately $4,778,521.60. This represents a 14.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.13% of the company’s stock.

Institutional Trading of Eli Lilly and Company

Several hedge funds have recently made changes to their positions in the company. Central Pacific Bank Trust Division grew its position in Eli Lilly and Company by 15.9% in the first quarter. Central Pacific Bank Trust Division now owns 7,486 shares of the company’s stock worth $6,183,000 after acquiring an additional 1,027 shares during the period. Versant Capital Management Inc increased its position in shares of Eli Lilly and Company by 68.0% during the 1st quarter. Versant Capital Management Inc now owns 1,961 shares of the company’s stock worth $1,620,000 after purchasing an additional 794 shares during the last quarter. First Hawaiian Bank raised its holdings in Eli Lilly and Company by 13.1% in the 1st quarter. First Hawaiian Bank now owns 9,113 shares of the company’s stock valued at $7,527,000 after buying an additional 1,055 shares during the period. Boston Common Asset Management LLC lifted its position in Eli Lilly and Company by 13.6% in the first quarter. Boston Common Asset Management LLC now owns 27,295 shares of the company’s stock valued at $22,543,000 after buying an additional 3,267 shares during the last quarter. Finally, Jacobs & Co. CA boosted its stake in Eli Lilly and Company by 1.4% during the first quarter. Jacobs & Co. CA now owns 29,812 shares of the company’s stock worth $24,622,000 after buying an additional 421 shares during the period. Hedge funds and other institutional investors own 82.53% of the company’s stock.

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.