Eli Lilly and Company (NYSE:LLY) Trading Up 0.9% – Here’s Why

Eli Lilly and Company (NYSE:LLY)’s share price shot up 0.9% during trading on Wednesday . The stock traded as high as $846.10 and last traded at $833.62. 1,557,274 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 3,723,011 shares. The stock had previously closed at $826.07.

Analysts Set New Price Targets

LLY has been the subject of several research reports. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating for the company in a report on Monday, November 4th. Redburn Atlantic upgraded shares of Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Barclays lowered their target price on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. StockNews.com downgraded shares of Eli Lilly and Company from a “buy” rating to a “hold” rating in a research report on Thursday, January 30th. Finally, Bank of America reissued 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. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $997.50.

Eli Lilly and Company Stock Up 0.9 %

The firm has a market cap of $833.59 billion, a P/E ratio of 94.93, a PEG ratio of 1.72 and a beta of 0.42. The firm’s 50-day moving average price is $788.21 and its 200 day moving average price is $843.47. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 0.97.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings results on Thursday, February 6th. The company reported $5.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. On average, equities research analysts expect that Eli Lilly and Company will post 12.85 earnings per share for the current fiscal year.

Eli Lilly and Company Increases Dividend

The business 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 dividend of $1.50 per share. 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 dividend yield of 0.68%. Eli Lilly and Company’s dividend payout ratio is 56.22%.

Eli Lilly and Company announced that its Board of Directors has initiated a stock 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 reacquire up to 2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC increased its position in Eli Lilly and Company by 48.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 101,735 shares of the company’s stock worth $78,539,000 after buying an additional 33,245 shares during the period. PFG Advisors grew its position in shares of Eli Lilly and Company by 6.3% during the fourth quarter. PFG Advisors now owns 3,632 shares of the company’s stock worth $2,803,000 after acquiring an additional 215 shares during the last quarter. Summit X LLC increased its holdings in shares of Eli Lilly and Company by 2.2% in the 4th quarter. Summit X LLC now owns 3,706 shares of the company’s stock worth $2,865,000 after acquiring an additional 80 shares during the period. Wealth High Governance Capital Ltda lifted its position in Eli Lilly and Company by 24.0% in the 4th quarter. Wealth High Governance Capital Ltda now owns 6,200 shares of the company’s stock valued at $4,786,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Guild Investment Management Inc. boosted its stake in Eli Lilly and Company by 2.3% during the 4th quarter. Guild Investment Management Inc. now owns 3,527 shares of the company’s stock valued at $2,723,000 after purchasing an additional 78 shares during the period. Institutional investors and hedge funds 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.