Eli Lilly and Company (NYSE:LLY) Trading Down 1.9% After Earnings Miss

Eli Lilly and Company (NYSE:LLY) fell 1.9% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $825.24 and last traded at $830.42. 1,710,472 shares were traded during mid-day trading, a decline of 43% from the average session volume of 3,022,442 shares. The stock had previously closed at $846.83.

The company reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). 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 for the quarter, compared to analysts’ expectations of $12.09 billion. During the same period in the prior year, the firm earned $0.10 earnings per share. Eli Lilly and Company’s revenue was up 20.4% compared to the same quarter last year.

Eli Lilly and Company Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, November 15th. This represents a $5.20 annualized dividend and a yield of 0.62%. Eli Lilly and Company’s dividend payout ratio is currently 76.58%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LLY. Bank of America reduced their price target on Eli Lilly and Company from $1,150.00 to $1,100.00 and set a “buy” rating on the stock in a research report on Thursday. Berenberg Bank increased their target price on 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. Evercore ISI upgraded Eli Lilly and Company to a “hold” rating in a research report on Thursday, September 5th. Barclays lifted their price objective on Eli Lilly and Company from $913.00 to $1,025.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Finally, Sanford C. Bernstein assumed coverage on Eli Lilly and Company in a research note on Thursday, October 17th. They issued an “outperform” rating and a $1,100.00 price objective for the company. Three 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.com, Eli Lilly and Company currently has an average rating of “Moderate Buy” and a consensus price target of $1,011.94.

Institutional Investors Weigh In On Eli Lilly and Company

Several institutional investors and hedge funds have recently modified their holdings of the company. Lynx Investment Advisory purchased a new stake in Eli Lilly and Company during the 2nd quarter worth about $32,000. LGT Financial Advisors LLC acquired a new position in shares of Eli Lilly and Company in the 2nd quarter valued at $36,000. Morton Brown Family Wealth LLC grew its holdings in shares of Eli Lilly and Company by 45.5% during the second quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock worth $41,000 after purchasing an additional 15 shares during the last quarter. Cedar Mountain Advisors LLC increased its position in Eli Lilly and Company by 53.3% during the third quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock worth $41,000 after buying an additional 16 shares during the period. Finally, Unique Wealth Strategies LLC purchased a new stake in Eli Lilly and Company in the 2nd quarter valued at $45,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Stock Down 0.6 %

The firm’s 50 day moving average price is $916.20 and its two-hundred day moving average price is $865.10. The firm has a market cap of $800.40 billion, a price-to-earnings ratio of 122.30, a P/E/G ratio of 3.24 and a beta of 0.42. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.11 and a quick ratio of 0.87.

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.