Eli Lilly and Company (NYSE:LLY) Sees Strong Trading Volume After Strong Earnings

Eli Lilly and Company (NYSE:LLY) saw unusually-high trading volume on Friday following a better than expected earnings announcement. Approximately 1,394,986 shares were traded during trading, a decline of 54% from the previous session’s volume of 3,056,188 shares.The stock last traded at $892.47 and had previously closed at $845.31.

The company reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $1.28. Eli Lilly and Company had a return on equity of 56.98% and a net margin of 17.08%. The firm had revenue of $11.30 billion for the quarter, compared to analysts’ expectations of $9.83 billion.

Eli Lilly and Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Thursday, August 15th will be issued a $1.30 dividend. The ex-dividend date is Thursday, August 15th. This represents a $5.20 annualized dividend and a dividend yield of 0.58%. Eli Lilly and Company’s dividend payout ratio (DPR) is 76.58%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on LLY. Jefferies Financial Group boosted their price objective on Eli Lilly and Company from $994.00 to $1,015.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Guggenheim boosted their price objective on Eli Lilly and Company from $855.00 to $884.00 and gave the stock a “buy” rating in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on Eli Lilly and Company from $900.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Berenberg Bank boosted their price objective on Eli Lilly and Company from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Argus boosted their price objective on Eli Lilly and Company from $770.00 to $840.00 and gave the stock a “buy” rating in a research note on Tuesday, May 14th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $888.11.

Insider Transactions at Eli Lilly and Company

In other news, major shareholder Lilly Endowment Inc sold 92,563 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $809.21, for a total transaction of $74,902,905.23. Following the transaction, the insider now directly owns 98,556,247 shares of the company’s stock, valued at $79,752,700,634.87. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Johna Norton sold 7,056 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $819.38, for a total value of $5,781,545.28. Following the transaction, the executive vice president now directly owns 25,428 shares of the company’s stock, valued at approximately $20,835,194.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Lilly Endowment Inc sold 92,563 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $809.21, for a total value of $74,902,905.23. Following the completion of the transaction, the insider now directly owns 98,556,247 shares in the company, valued at $79,752,700,634.87. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,214,704 shares of company stock valued at $1,066,841,316. Corporate insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Eli Lilly and Company

Several hedge funds have recently made changes to their positions in the company. Twelve Points Wealth Management LLC increased its position in shares of Eli Lilly and Company by 1.4% in the 2nd quarter. Twelve Points Wealth Management LLC now owns 811 shares of the company’s stock valued at $734,000 after acquiring an additional 11 shares during the period. Verum Partners LLC increased its position in shares of Eli Lilly and Company by 1.5% in the 2nd quarter. Verum Partners LLC now owns 731 shares of the company’s stock valued at $662,000 after acquiring an additional 11 shares during the period. Acorn Creek Capital LLC boosted its holdings in Eli Lilly and Company by 1.3% in the second quarter. Acorn Creek Capital LLC now owns 927 shares of the company’s stock valued at $840,000 after purchasing an additional 12 shares during the last quarter. Thompson Davis & CO. Inc. boosted its holdings in Eli Lilly and Company by 0.7% in the second quarter. Thompson Davis & CO. Inc. now owns 1,687 shares of the company’s stock valued at $1,527,000 after purchasing an additional 12 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in Eli Lilly and Company by 1.8% in the first quarter. Versant Capital Management Inc now owns 736 shares of the company’s stock valued at $573,000 after purchasing an additional 13 shares during the last quarter. 82.53% of the stock is owned by institutional investors and hedge funds.

Eli Lilly and Company Stock Performance

The company has a debt-to-equity ratio of 1.90, a current ratio of 1.35 and a quick ratio of 1.03. The company has a market capitalization of $853.52 billion, a PE ratio of 131.78, a price-to-earnings-growth ratio of 1.81 and a beta of 0.41. The firm’s fifty day simple moving average is $869.64 and its 200 day simple moving average is $792.50.

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.