Bank of America Reiterates Buy Rating for Eli Lilly and Company (NYSE:LLY)

Eli Lilly and Company (NYSE:LLY)‘s stock had its “buy” rating reaffirmed by equities research analysts at Bank of America in a research note issued on Tuesday,Benzinga reports. They currently have a $997.00 target price on the stock. Bank of America‘s price target points to a potential upside of 24.17% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Barclays decreased their target price on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Truist Financial raised their target price on Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $885.00 price target on shares of Eli Lilly and Company in a research report on Monday, September 16th. JPMorgan Chase & Co. increased their price objective on Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Finally, Evercore ISI upgraded Eli Lilly and Company to a “hold” rating in a report on Thursday, September 5th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,002.22.

Eli Lilly and Company Trading Down 2.9 %

Shares of NYSE:LLY opened at $802.94 on Tuesday. The company has a debt-to-equity ratio of 2.03, a quick ratio of 0.97 and a current ratio of 1.27. The stock has a market capitalization of $762.25 billion, a price-to-earnings ratio of 86.80, a PEG ratio of 3.13 and a beta of 0.41. Eli Lilly and Company has a 1-year low of $561.65 and a 1-year high of $972.53. The company has a 50 day moving average price of $841.04 and a 200 day moving average price of $871.97.

Eli Lilly and Company (NYSE:LLY) last issued its earnings results 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). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The company had revenue of $11.44 billion during the quarter, compared to analyst estimates of $12.09 billion. During the same quarter in the previous year, the firm earned $0.10 earnings per share. The business’s revenue was up 20.4% compared to the same quarter last year. On average, research analysts anticipate that Eli Lilly and Company will post 13.21 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, CAO Donald A. Zakrowski sold 900 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $803.38, for a total transaction of $723,042.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,480 shares in the company, valued at $4,402,522.40. The trade was a 14.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Eli Lilly and Company

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Peterson Financial Group Inc. bought a new position in shares of Eli Lilly and Company during the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new position in Eli Lilly and Company during the third quarter valued at about $30,000. LGT Financial Advisors LLC acquired a new position in Eli Lilly and Company in the 2nd quarter valued at approximately $36,000. Morton Brown Family Wealth LLC lifted its position in shares of Eli Lilly and Company by 45.5% in the 2nd quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock worth $41,000 after acquiring an additional 15 shares during the period. Finally, Cedar Mountain Advisors LLC grew its holdings in shares of Eli Lilly and Company by 53.3% during the 3rd quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock worth $41,000 after purchasing an additional 16 shares in the last quarter. Institutional investors own 82.53% of the company’s stock.

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.