Eli Lilly and Company (NYSE:LLY) Shares Up 1.8% – Here’s Why

Eli Lilly and Company (NYSE:LLY)’s share price was up 1.8% on Wednesday . The stock traded as high as $758.00 and last traded at $755.51. Approximately 1,004,285 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 4,083,770 shares. The stock had previously closed at $742.35.

Wall Street Analyst Weigh In

LLY has been the topic of several research reports. Redburn Atlantic raised shares of Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Citigroup upped their price objective on Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Wolfe Research began coverage on Eli Lilly and Company in a research note on Friday, November 15th. They issued an “outperform” rating and a $1,000.00 target price on the stock. Barclays lowered their price objective on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Finally, 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. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,002.22.

Eli Lilly and Company Price Performance

The stock has a market capitalization of $745.01 billion, a price-to-earnings ratio of 84.84, a P/E/G ratio of 1.59 and a beta of 0.41. The company’s 50-day simple moving average is $775.91 and its 200-day simple moving average is $850.34. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 0.97.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.52 by ($0.34). The firm had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $12.09 billion. Eli Lilly and Company had a net margin of 20.48% and a return on equity of 71.08%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.10 earnings per share. Research analysts forecast that Eli Lilly and Company will post 12.98 earnings per share 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. Stockholders of record on Friday, February 14th will be issued a dividend of $1.50 per share. The ex-dividend date is Friday, February 14th. This is a boost from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 annualized dividend and a dividend yield of 0.76%. Eli Lilly and Company’s dividend payout ratio (DPR) is currently 64.86%.

Eli Lilly and Company declared that its board has approved a share buyback program 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the business’s stock in a transaction dated 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 owns 5,480 shares of the company’s stock, valued at approximately $4,402,522.40. The trade was a 14.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.13% of the company’s stock.

Institutional Investors Weigh In On Eli Lilly and Company

Several hedge funds have recently modified their holdings of the company. Hodges Capital Management Inc. increased its stake in shares of Eli Lilly and Company by 63.6% in the fourth quarter. Hodges Capital Management Inc. now owns 10,926 shares of the company’s stock valued at $8,434,000 after buying an additional 4,248 shares during the period. EQ Wealth Advisors LLC bought a new position in Eli Lilly and Company during the 4th quarter worth approximately $203,000. Financial Life Planners acquired a new position in shares of Eli Lilly and Company in the 4th quarter worth approximately $1,161,000. Lazari Capital Management Inc. boosted its stake in shares of Eli Lilly and Company by 124.9% in the 4th quarter. Lazari Capital Management Inc. now owns 1,158 shares of the company’s stock valued at $894,000 after purchasing an additional 643 shares during the last quarter. Finally, Fiduciary Planning LLC acquired a new stake in shares of Eli Lilly and Company during the fourth quarter worth $389,000. Institutional investors and hedge funds 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.