Wells Fargo & Company Issues Pessimistic Forecast for Eli Lilly and Company (NYSE:LLY) Stock Price

Eli Lilly and Company (NYSE:LLY - Get Free Report) had its target price cut by equities research analysts at Wells Fargo & Company from $1,000.00 to $970.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 18.79% from the stock's current price.

A number of other research analysts have also recently weighed in on LLY. Deutsche Bank Aktiengesellschaft lowered their price objective on Eli Lilly and Company from $1,025.00 to $1,015.00 and set a "buy" rating on the stock in a research report on Monday, November 4th. Sanford C. Bernstein started coverage on 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. Citigroup lifted their price objective on Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Barclays lowered their price target on 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. Finally, Wolfe Research began coverage on Eli Lilly and Company in a report on Friday, November 15th. They issued an "outperform" rating and a $1,000.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $997.22.

Eli Lilly and Company Stock Performance

Shares of Eli Lilly and Company stock traded down $6.70 during trading hours on Tuesday, reaching $816.53. 1,437,604 shares of the stock traded hands, compared to its average volume of 3,793,932. The company has a 50 day moving average price of $782.29 and a 200 day moving average price of $845.82. The firm has a market capitalization of $775.15 billion, a price-to-earnings ratio of 88.42, a P/E/G ratio of 1.71 and a beta of 0.41. Eli Lilly and Company has a one year low of $637.00 and a one year high of $972.53. The company has a quick ratio of 0.97, a current ratio of 1.27 and a debt-to-equity ratio of 2.03.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last posted its quarterly earnings data 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). Eli Lilly and Company had a net margin of 20.48% and a return on equity of 71.08%. The company had revenue of $11.44 billion for the quarter, compared to analysts' expectations of $12.09 billion. During the same period in the previous year, the firm earned $0.10 earnings per share. The firm's quarterly revenue was up 20.4% on a year-over-year basis. 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 declared that its board has authorized a stock buyback plan on Monday, December 9th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of the company's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $803.38, for a total value of $723,042.00. Following the transaction, the chief accounting officer now owns 5,480 shares of the company's stock, valued at $4,402,522.40. This represents a 14.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.13% of the company's stock.

Hedge Funds Weigh In On Eli Lilly and Company

Several hedge funds have recently bought and sold shares of LLY. Summit Financial Strategies Inc. increased its position in Eli Lilly and Company by 0.5% during the third quarter. Summit Financial Strategies Inc. now owns 2,105 shares of the company's stock worth $1,865,000 after buying an additional 11 shares during the period. Prio Wealth Limited Partnership increased its position 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 buying an additional 11 shares during the period. First Community Trust NA increased its position in Eli Lilly and Company by 4.9% during the third quarter. First Community Trust NA now owns 257 shares of the company's stock worth $228,000 after buying an additional 12 shares during the period. Hummer Financial Advisory Services Inc increased its position 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 buying an additional 12 shares during the period. Finally, James Hambro & Partners LLP increased its position 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 buying an additional 12 shares during the period. Institutional investors own 82.53% of the company's stock.

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.