Eli Lilly and Company (NYSE:LLY) Shares Up 0.6% – Here’s Why

Eli Lilly and Company (NYSE:LLY)’s share price shot up 0.6% on Thursday . The stock traded as high as $883.50 and last traded at $878.59. 747,494 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 3,743,191 shares. The stock had previously closed at $872.97.

Analyst Ratings Changes

Several brokerages recently weighed in on LLY. Redburn Atlantic raised shares of Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Barclays decreased their price target on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. StockNews.com raised shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Citigroup decreased their price target on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Finally, Bank of America reaffirmed a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a research note on Tuesday, December 10th. Four analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $997.50.

Eli Lilly and Company Stock Performance

The stock’s 50 day moving average price is $793.14 and its 200 day moving average price is $844.15. 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 $827.35 billion, a PE ratio of 74.45, a P/E/G ratio of 1.87 and a beta of 0.42.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results 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 return on equity of 86.26% and a net margin of 23.51%. As a group, equities analysts forecast that Eli Lilly and Company will post 23.33 earnings per share for the current fiscal year.

Eli Lilly and Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a dividend of $1.50 per share. 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 yield of 0.69%. The ex-dividend date is Friday, February 14th. Eli Lilly and Company’s dividend payout ratio (DPR) is currently 44.41%.

Eli Lilly and Company declared that its board has approved a stock buyback plan on Monday, December 9th that allows the company to repurchase $15.00 billion in shares. This repurchase authorization allows the company to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Financial Strategies Inc. raised its stake in Eli Lilly and Company by 0.5% in the third quarter. Summit Financial Strategies Inc. now owns 2,105 shares of the company’s stock valued at $1,865,000 after purchasing an additional 11 shares in the last quarter. Prio Wealth Limited Partnership raised its stake in Eli Lilly and Company by 0.5% during the third quarter. Prio Wealth Limited Partnership now owns 2,411 shares of the company’s stock worth $2,136,000 after acquiring an additional 11 shares in the last quarter. Hummer Financial Advisory Services Inc raised its stake in Eli Lilly and Company by 1.0% during the third quarter. Hummer Financial Advisory Services Inc now owns 1,271 shares of the company’s stock worth $1,126,000 after acquiring an additional 12 shares in the last quarter. James Hambro & Partners LLP raised its stake in Eli Lilly and Company by 3.7% during the third quarter. James Hambro & Partners LLP now owns 340 shares of the company’s stock worth $301,000 after acquiring an additional 12 shares in the last quarter. Finally, Inscription Capital LLC grew its holdings in shares of Eli Lilly and Company by 1.0% during the third quarter. Inscription Capital LLC now owns 1,222 shares of the company’s stock worth $1,083,000 after purchasing an additional 12 shares during the last quarter. 82.53% of the stock is 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.