Eli Lilly and Company (NYSE:LLY) Shares Up 0.6% – Here’s Why

Eli Lilly and Company (NYSE:LLY)’s stock price was up 0.6% during mid-day trading on Wednesday . The stock traded as high as $877.27 and last traded at $870.26. Approximately 745,590 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 3,786,875 shares. The stock had previously closed at $865.00.

Analysts Set New Price Targets

Several research firms have recently commented on LLY. Redburn Atlantic raised shares of Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Sanford C. Bernstein initiated coverage on shares of Eli Lilly and Company in a report on Thursday, October 17th. They set an “outperform” rating and a $1,100.00 target price for the company. Citigroup cut 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 report on Tuesday, January 28th. Deutsche Bank Aktiengesellschaft decreased 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 report on Monday, November 4th. Finally, StockNews.com raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $997.50.

Eli Lilly and Company Price Performance

The firm has a market capitalization of $828.61 billion, a P/E ratio of 74.47, a P/E/G ratio of 1.87 and a beta of 0.42. The stock’s 50 day simple moving average is $792.27 and its 200 day simple moving average is $843.94. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.97 and a current ratio of 1.27.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Thursday, February 6th. The company reported $5.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 86.26% and a net margin of 23.51%. As a group, analysts expect that Eli Lilly and Company will post 23.33 earnings per share for the current fiscal year.

Eli Lilly and Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 dividend on an annualized basis and a yield of 0.69%. Eli Lilly and Company’s dividend payout ratio is 44.41%.

Eli Lilly and Company announced that its Board of Directors has initiated a stock repurchase plan on Monday, December 9th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Eli Lilly and Company

Hedge funds have recently modified their holdings of the company. AMF Tjanstepension AB boosted its position in shares of Eli Lilly and Company by 113.7% in the 3rd quarter. AMF Tjanstepension AB now owns 331,786 shares of the company’s stock worth $293,964,000 after purchasing an additional 176,552 shares in the last quarter. Values Added Financial LLC grew its stake in shares of Eli Lilly and Company by 4.9% during the third quarter. Values Added Financial LLC now owns 366 shares of the company’s stock worth $324,000 after acquiring an additional 17 shares during the last quarter. Novare Capital Management LLC grew its stake in shares of Eli Lilly and Company by 74.5% during the third quarter. Novare Capital Management LLC now owns 527 shares of the company’s stock worth $467,000 after acquiring an additional 225 shares during the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Eli Lilly and Company by 3.4% during the third quarter. Wedge Capital Management L L P NC now owns 876 shares of the company’s stock valued at $776,000 after acquiring an additional 29 shares in the last quarter. Finally, Iams Wealth Management LLC boosted its stake in Eli Lilly and Company by 21.8% in the 3rd quarter. Iams Wealth Management LLC now owns 536 shares of the company’s stock worth $475,000 after purchasing an additional 96 shares in the last quarter. 82.53% of the stock is 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.