Eli Lilly and Company (NYSE:LLY) Shares Gap Down After Earnings Miss

Eli Lilly and Company (NYSE:LLY) shares gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $903.58, but opened at $798.50. Eli Lilly and Company shares last traded at $777.99, with a volume of 2,827,131 shares trading hands.

The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.35). Eli Lilly and Company had a return on equity of 67.52% and a net margin of 18.86%. The firm had revenue of $11.44 billion during the quarter, compared to analysts’ expectations of $12.09 billion. During the same period in the previous year, the firm posted $0.10 earnings per share. The firm’s revenue was up 20.4% on a year-over-year basis.

Eli Lilly and Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Friday, November 15th. Eli Lilly and Company’s payout ratio is 76.58%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LLY. Bank of America raised their target price on shares of Eli Lilly and Company from $1,000.00 to $1,125.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Berenberg Bank boosted their price objective on shares of Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Barclays increased their target price on Eli Lilly and Company from $913.00 to $1,025.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Morgan Stanley restated an “overweight” rating and issued a $1,106.00 price objective on shares of Eli Lilly and Company in a report on Tuesday, August 27th. Finally, Evercore ISI raised shares of Eli Lilly and Company to a “hold” rating in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,013.41.

Institutional Investors Weigh In On Eli Lilly and Company

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Eli Lilly and Company by 1.6% during the first quarter. Vanguard Group Inc. now owns 72,745,011 shares of the company’s stock valued at $56,592,709,000 after buying an additional 1,133,810 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Eli Lilly and Company by 87,091.7% during the 3rd quarter. International Assets Investment Management LLC now owns 12,463,182 shares of the company’s stock valued at $11,041,631,000 after acquiring an additional 12,448,888 shares in the last quarter. Capital Research Global Investors boosted its holdings in Eli Lilly and Company by 6.0% in the first quarter. Capital Research Global Investors now owns 8,031,531 shares of the company’s stock worth $6,248,210,000 after purchasing an additional 453,939 shares during the period. Capital International Investors raised its holdings in shares of Eli Lilly and Company by 5.1% during the first quarter. Capital International Investors now owns 6,972,393 shares of the company’s stock worth $5,424,243,000 after purchasing an additional 335,560 shares during the period. Finally, GQG Partners LLC lifted its position in shares of Eli Lilly and Company by 20.2% in the 1st quarter. GQG Partners LLC now owns 3,848,886 shares of the company’s stock worth $2,994,280,000 after buying an additional 648,094 shares during the last quarter. Institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Trading Down 13.9 %

The company has a quick ratio of 0.87, a current ratio of 1.11 and a debt-to-equity ratio of 1.74. The firm’s 50 day moving average is $918.30 and its two-hundred day moving average is $865.23. The stock has a market cap of $739.41 billion, a price-to-earnings ratio of 114.58, a price-to-earnings-growth ratio of 3.24 and a beta of 0.42.

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.