Eli Lilly and Company (NYSE:LLY) Shares Up 2.5% – Here’s What Happened

Shares of Eli Lilly and Company (NYSE:LLY) were up 2.5% during mid-day trading on Wednesday . The company traded as high as $871.79 and last traded at $878.43. Approximately 1,080,403 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 3,712,080 shares. The stock had previously closed at $857.20.

Analyst Ratings Changes

LLY has been the subject of several research analyst reports. Barclays cut their price objective on 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. Bank of America restated a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a research note on Tuesday, December 10th. Citigroup lowered their price objective on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Truist Financial boosted their target price on shares of Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company decreased their price target on shares of Eli Lilly and Company from $1,000.00 to $970.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus price target of $997.50.

Eli Lilly and Company Stock Up 1.3 %

The company has a current ratio of 1.27, a quick ratio of 0.97 and a debt-to-equity ratio of 2.03. The company has a 50 day simple moving average of $796.41 and a two-hundred day simple moving average of $845.73. The firm has a market capitalization of $824.70 billion, a P/E ratio of 74.19, a P/E/G ratio of 1.35 and a beta of 0.42.

Eli Lilly and Company (NYSE:LLY) last issued its earnings results on Thursday, February 6th. The company reported $5.32 earnings per share 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, equities analysts predict that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a $1.50 dividend. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend is Friday, February 14th. Eli Lilly and Company’s payout ratio is currently 51.24%.

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

Hedge Funds Weigh In On Eli Lilly and Company

Several institutional investors have recently bought and sold shares of the business. CWA Asset Management Group LLC grew its position in Eli Lilly and Company by 11.9% in the fourth quarter. CWA Asset Management Group LLC now owns 6,794 shares of the company’s stock worth $5,245,000 after acquiring an additional 724 shares in the last quarter. M&T Bank Corp boosted its holdings in shares of Eli Lilly and Company by 0.7% in the 3rd quarter. M&T Bank Corp now owns 266,822 shares of the company’s stock worth $236,389,000 after purchasing an additional 1,867 shares during the period. Kentucky Trust Co bought a new position in shares of Eli Lilly and Company during the 4th quarter valued at approximately $834,000. Cooper Financial Group raised its holdings in Eli Lilly and Company by 35.5% during the 4th quarter. Cooper Financial Group now owns 2,655 shares of the company’s stock valued at $2,050,000 after buying an additional 695 shares during the period. Finally, Everence Capital Management Inc. lifted its position in Eli Lilly and Company by 3.2% in the fourth quarter. Everence Capital Management Inc. now owns 22,340 shares of the company’s stock worth $17,246,000 after buying an additional 690 shares during 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.