Eli Lilly and Company (NYSE:LLY) Shares Down 0.6% – Here’s Why

Eli Lilly and Company (NYSE:LLY)’s stock price was down 0.6% on Tuesday . The company traded as low as $767.25 and last traded at $768.83. Approximately 348,052 shares were traded during trading, a decline of 89% from the average daily volume of 3,203,719 shares. The stock had previously closed at $773.84.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on LLY shares. Evercore ISI upgraded shares of Eli Lilly and Company to a “hold” rating in a research report on Thursday, September 5th. Redburn Atlantic upgraded shares of Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Bank of America reaffirmed a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. StockNews.com lowered Eli Lilly and Company from a “buy” rating to a “hold” rating in a research report on Tuesday, December 24th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $885.00 target price on shares of Eli Lilly and Company in a research report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, Eli Lilly and Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,002.22.

Eli Lilly and Company Stock Performance

The firm has a market cap of $726.65 billion, a P/E ratio of 82.75, a PEG ratio of 2.99 and a beta of 0.41. 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’s 50-day moving average is $803.67 and its two-hundred day moving average is $866.46.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). The company 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 firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.10 EPS. As a group, equities analysts predict that Eli Lilly and Company will post 13.18 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. Stockholders of record on Friday, February 14th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.00 annualized dividend and a dividend yield of 0.78%. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. Eli Lilly and Company’s dividend payout ratio is currently 64.86%.

Eli Lilly and Company declared that its board has authorized a stock repurchase program on Monday, December 9th that permits the company to buyback $15.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CAO Donald A. Zakrowski sold 900 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now owns 5,480 shares in the company, valued at approximately $4,402,522.40. This represents a 14.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lantz Financial LLC lifted its position in shares of Eli Lilly and Company by 1.3% during the 2nd quarter. Lantz Financial LLC now owns 1,236 shares of the company’s stock valued at $1,119,000 after buying an additional 16 shares during the last quarter. Heritage Family Offices LLP bought a new position in Eli Lilly and Company during the second quarter worth about $1,759,000. Drive Wealth Management LLC increased its stake in shares of Eli Lilly and Company by 2.8% in the second quarter. Drive Wealth Management LLC now owns 2,242 shares of the company’s stock worth $2,029,000 after purchasing an additional 62 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in shares of Eli Lilly and Company by 8.3% in the second quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 63,161 shares of the company’s stock valued at $57,185,000 after purchasing an additional 4,819 shares during the period. Finally, D.A. Davidson & CO. lifted its stake in shares of Eli Lilly and Company by 4.9% during the 2nd quarter. D.A. Davidson & CO. now owns 43,054 shares of the company’s stock valued at $38,981,000 after buying an additional 2,027 shares in the last quarter. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

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.