Eli Lilly and Company (NYSE:LLY) Trading Down 0.2% – Here’s What Happened

Eli Lilly and Company (NYSE:LLY) shares fell 0.2% during mid-day trading on Friday . The company traded as low as $862.00 and last traded at $868.56. 696,757 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,697,918 shares. The stock had previously closed at $870.36.

Analysts Set New Price Targets

Several research analysts have weighed in on LLY shares. Wolfe Research initiated coverage on shares of Eli Lilly and Company in a research report on Friday, November 15th. They set an “outperform” rating and a $1,000.00 target price on the stock. Citigroup lowered their price target on Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Wells Fargo & Company reduced their price objective on Eli Lilly and Company from $1,000.00 to $970.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Redburn Atlantic raised Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Finally, Bank of America restated a “buy” rating and issued a $997.00 price target on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Eli Lilly and Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $997.50.

Eli Lilly and Company Price Performance

The company’s 50-day moving average is $794.07 and its 200-day moving average is $844.34. The firm has a market capitalization of $805.53 billion, a price-to-earnings ratio of 72.41, a PEG ratio of 1.87 and a beta of 0.42. 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 data on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing analysts’ consensus estimates 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%. On average, research analysts expect that Eli Lilly and Company will post 23.33 earnings per share for the current year.

Eli Lilly and Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a $1.50 dividend. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Friday, February 14th. Eli Lilly and Company’s payout ratio is currently 44.41%.

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

Institutional Trading of Eli Lilly and Company

Several large investors have recently added to or reduced their stakes in LLY. AMF Tjanstepension AB raised its stake in shares of Eli Lilly and Company by 113.7% during the third quarter. AMF Tjanstepension AB now owns 331,786 shares of the company’s stock valued at $293,964,000 after purchasing an additional 176,552 shares during the period. Values Added Financial LLC grew its holdings in Eli Lilly and Company by 4.9% during the 3rd quarter. Values Added Financial LLC now owns 366 shares of the company’s stock valued at $324,000 after purchasing an additional 17 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in Eli Lilly and Company by 3.4% during the 3rd quarter. Wedge Capital Management L L P NC now owns 876 shares of the company’s stock worth $776,000 after buying an additional 29 shares during the period. PFG Advisors increased its stake in Eli Lilly and Company by 1.6% during the 3rd quarter. PFG Advisors now owns 3,417 shares of the company’s stock worth $3,027,000 after buying an additional 53 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in Eli Lilly and Company by 4.8% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 305 shares of the company’s stock worth $270,000 after buying an additional 14 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

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.