Eli Lilly and Company (NYSE:LLY) Trading 0.7% Higher – Here’s Why

Eli Lilly and Company (NYSE:LLY) traded up 0.7% during mid-day trading on Thursday . The stock traded as high as $880.32 and last traded at $873.36. 863,579 shares were traded during trading, a decline of 77% from the average session volume of 3,692,492 shares. The stock had previously closed at $867.05.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of Eli Lilly and Company in a report on Friday, November 15th. They set an “outperform” rating and a $1,000.00 price target for the company. Truist Financial increased their price target on shares of Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Wells Fargo & Company cut their price target on shares of Eli Lilly and Company from $1,000.00 to $970.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Bank of America reissued a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a report on Tuesday, December 10th. Finally, 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 research report on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $997.50.

Eli Lilly and Company Stock Up 0.9 %

The company has a quick ratio of 0.97, a current ratio of 1.27 and a debt-to-equity ratio of 2.03. The firm has a market cap of $830.15 billion, a PE ratio of 74.68, a P/E/G ratio of 1.37 and a beta of 0.42. The firm’s 50 day moving average is $797.80 and its 200-day moving average is $845.87.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Thursday, February 6th. The company reported $5.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 86.26%. As a group, equities research analysts expect that Eli Lilly and Company will post 23.48 earnings per share for the current fiscal year.

Eli Lilly and Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be paid a dividend of $1.50 per share. This is an increase 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 annualized dividend and a dividend yield of 0.69%. Eli Lilly and Company’s dividend payout ratio is presently 51.24%.

Eli Lilly and Company declared that its board has authorized a share buyback program on Monday, December 9th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Eli Lilly and Company

A number of large investors have recently bought and sold shares of the stock. Peak Retirement Planning Inc. purchased a new position in Eli Lilly and Company during the fourth quarter worth approximately $223,000. Drucker Wealth 3.0 LLC raised its stake in Eli Lilly and Company by 17.7% during the fourth quarter. Drucker Wealth 3.0 LLC now owns 599 shares of the company’s stock worth $462,000 after purchasing an additional 90 shares during the period. Wormser Freres Gestion raised its stake in Eli Lilly and Company by 144.9% during the fourth quarter. Wormser Freres Gestion now owns 333 shares of the company’s stock worth $259,000 after purchasing an additional 197 shares during the period. Formidable Asset Management LLC raised its stake in Eli Lilly and Company by 2.0% during the fourth quarter. Formidable Asset Management LLC now owns 9,608 shares of the company’s stock worth $7,417,000 after purchasing an additional 190 shares during the period. Finally, Richmond Investment Services LLC purchased a new position in shares of Eli Lilly and Company in the 4th quarter valued at $424,000. Hedge funds and other institutional investors 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.