Bank of America Reiterates Buy Rating for Eli Lilly and Company (NYSE:LLY)

Eli Lilly and Company (NYSE:LLY)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America in a note issued to investors on Tuesday,Benzinga reports. They currently have a $997.00 price objective on the stock. Bank of America‘s target price would indicate a potential upside of 24.17% from the company’s previous close.

A number of other research firms have also commented on LLY. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Morgan Stanley reissued an “overweight” rating and issued a $1,106.00 target price on shares of Eli Lilly and Company in a report on Tuesday, August 27th. Evercore ISI upgraded Eli Lilly and Company to a “hold” rating in a research report on Thursday, September 5th. Truist Financial lifted their price objective on Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Berenberg Bank increased their target price on Eli Lilly and Company from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,002.22.

Eli Lilly and Company Trading Down 2.9 %

LLY stock opened at $802.94 on Tuesday. Eli Lilly and Company has a 1-year low of $561.65 and a 1-year high of $972.53. 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 business’s 50 day moving average is $841.04 and its 200-day moving average is $871.97. The firm has a market cap of $762.25 billion, a P/E ratio of 86.80, a P/E/G ratio of 3.13 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 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 business’s revenue was up 20.4% on a year-over-year basis. During the same quarter last year, the company earned $0.10 earnings per share. Equities analysts anticipate that Eli Lilly and Company will post 13.21 earnings per share for the current fiscal year.

Eli Lilly and Company declared that its Board of Directors has initiated a share buyback plan on Monday, December 9th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the company to reacquire up to 2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Eli Lilly and Company

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

Institutional Trading of Eli Lilly and Company

Hedge funds have recently bought and sold shares of the stock. FFG Partners LLC grew its holdings in shares of Eli Lilly and Company by 41.7% during the third quarter. FFG Partners LLC now owns 17,051 shares of the company’s stock worth $15,106,000 after buying an additional 5,020 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of Eli Lilly and Company in the third quarter worth $34,328,000. American Trust boosted its holdings in Eli Lilly and Company by 4.6% during the third quarter. American Trust now owns 2,603 shares of the company’s stock worth $2,306,000 after purchasing an additional 115 shares during the last quarter. Tidal Investments LLC grew its position in Eli Lilly and Company by 20.5% in the third quarter. Tidal Investments LLC now owns 49,562 shares of the company’s stock valued at $43,909,000 after purchasing an additional 8,424 shares in the last quarter. Finally, Optimist Retirement Group LLC increased its stake in Eli Lilly and Company by 20.2% in the 3rd quarter. Optimist Retirement Group LLC now owns 3,164 shares of the company’s stock valued at $2,803,000 after buying an additional 531 shares during 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.