Eli Lilly and Company (NYSE:LLY) Trading Down 4.1% – Here’s What Happened

Eli Lilly and Company (NYSE:LLY)’s stock price traded down 4.1% during trading on Monday . The company traded as low as $725.01 and last traded at $726.24. 5,497,108 shares changed hands during mid-day trading, an increase of 101% from the average session volume of 2,736,766 shares. The stock had previously closed at $757.60.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. 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 price objective on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Barclays reduced their price objective on Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Redburn Atlantic upgraded Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Finally, Truist Financial upped 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 note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,002.22.

Eli Lilly and Company Trading Down 4.1 %

The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 0.97. The firm’s 50 day moving average price is $781.14 and its 200 day moving average price is $854.04. The stock has a market capitalization of $689.43 billion, a P/E ratio of 78.51, a P/E/G ratio of 1.66 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly 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 net margin of 20.48% and a return on equity of 71.08%. The business had revenue of $11.44 billion for the quarter, compared to analysts’ expectations of $12.09 billion. During the same quarter in the prior year, the firm earned $0.10 EPS. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. As a group, equities research analysts expect that Eli Lilly and Company will post 13.14 earnings per share for the current fiscal year.

Eli Lilly and Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a $1.50 dividend. The ex-dividend date 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 annualized dividend and a yield of 0.83%. Eli Lilly and Company’s dividend payout ratio (DPR) is 56.22%.

Eli Lilly and Company announced that its board has approved a share repurchase program on Monday, December 9th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $803.38, for a total transaction of $723,042.00. Following the completion of the sale, the chief accounting officer now directly owns 5,480 shares of the company’s stock, valued at $4,402,522.40. This trade represents a 14.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Eli Lilly and Company

Institutional investors have recently bought and sold shares of the business. Cerro Pacific Wealth Advisors LLC increased its stake in shares of Eli Lilly and Company by 4.4% during the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 3,248 shares of the company’s stock valued at $2,507,000 after buying an additional 138 shares during the period. FCG Investment Co increased its position in Eli Lilly and Company by 10.5% during the 4th quarter. FCG Investment Co now owns 3,085 shares of the company’s stock valued at $2,382,000 after buying an additional 294 shares in the last quarter. Secure Asset Management LLC boosted its stake in Eli Lilly and Company by 86.3% in the 4th quarter. Secure Asset Management LLC now owns 3,645 shares of the company’s stock worth $2,814,000 after purchasing an additional 1,689 shares in the last quarter. Madrona Financial Services LLC grew its holdings in shares of Eli Lilly and Company by 13.8% during the fourth quarter. Madrona Financial Services LLC now owns 321 shares of the company’s stock valued at $248,000 after buying an additional 39 shares during the last quarter. Finally, Capital Planning Advisors LLC grew its stake in Eli Lilly and Company by 92.4% during the 4th quarter. Capital Planning Advisors LLC now owns 2,871 shares of the company’s stock valued at $2,216,000 after purchasing an additional 1,379 shares during the last quarter. Institutional investors own 82.53% of the company’s stock.

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.