Wells Fargo & Company Cuts Eli Lilly and Company (NYSE:LLY) Price Target to $970.00

Eli Lilly and Company (NYSE:LLY) had its price target cut by Wells Fargo & Company from $1,000.00 to $970.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts also recently weighed in on LLY. Sanford C. Bernstein initiated coverage on shares of Eli Lilly and Company in a research report on Thursday, October 17th. They set an “outperform” rating and a $1,100.00 price objective on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Redburn Atlantic upgraded Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Bank of America reissued a “buy” rating and issued a $997.00 target price on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Finally, Barclays lowered their price objective on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $997.22.

Eli Lilly and Company Stock Up 2.4 %

Eli Lilly and Company stock opened at $823.59 on Tuesday. Eli Lilly and Company has a 12 month low of $637.00 and a 12 month high of $972.53. The stock has a fifty day simple moving average of $780.80 and a two-hundred day simple moving average of $845.98. 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 firm has a market cap of $781.85 billion, a price-to-earnings ratio of 89.04, a PEG ratio of 1.59 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last issued 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 business had revenue of $11.44 billion during the quarter, compared to analysts’ expectations of $12.09 billion. Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. Eli Lilly and Company’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period last year, the firm posted $0.10 EPS. Equities analysts predict that Eli Lilly and Company will post 12.98 EPS for the current fiscal year.

Eli Lilly and Company announced that its Board of Directors has initiated a stock repurchase plan on Monday, December 9th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Eli Lilly and Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid a $1.50 dividend. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.73%. Eli Lilly and Company’s dividend payout ratio is 56.22%.

Insider Buying and Selling

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the stock in a transaction that occurred on 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 sale, the chief accounting officer now directly owns 5,480 shares of the company’s stock, valued at $4,402,522.40. This trade represents a 14.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Eli Lilly and Company

Several institutional investors have recently bought and sold shares of LLY. Opes Wealth Management LLC boosted its holdings in shares of Eli Lilly and Company by 33.9% during the 4th quarter. Opes Wealth Management LLC now owns 316 shares of the company’s stock valued at $244,000 after purchasing an additional 80 shares during the last quarter. Lee Financial Co boosted its stake in Eli Lilly and Company by 4.8% during the fourth quarter. Lee Financial Co now owns 2,417 shares of the company’s stock valued at $1,866,000 after buying an additional 110 shares during the last quarter. VeraBank N.A. grew its holdings in Eli Lilly and Company by 0.6% during the 4th quarter. VeraBank N.A. now owns 3,689 shares of the company’s stock valued at $2,848,000 after buying an additional 23 shares in the last quarter. MN Wealth Advisors LLC increased its stake in Eli Lilly and Company by 14.4% in the 4th quarter. MN Wealth Advisors LLC now owns 2,156 shares of the company’s stock worth $1,665,000 after acquiring an additional 272 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC raised its holdings in shares of Eli Lilly and Company by 0.7% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 32,240 shares of the company’s stock worth $24,890,000 after acquiring an additional 230 shares in the last quarter. 82.53% of the stock is 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.