Eli Lilly and Company (NYSE:LLY) Shares Up 2.1% - Here's Why

Key Points

• Eli Lilly's shares increased by 2.1% during mid-day trading, reaching a price of $674.54 after a previous close of $660.49, although trading volume was down by 31% compared to the average.
• The company reported a quarterly EPS of $6.31, surpassing estimates, and a revenue of $15.56 billion, reflecting a 37.6% year-over-year growth.
• Eli Lilly's dividend of $1.50 per share will be paid on September 10th, yielding an annualized dividend of $6.00 and a payout ratio of 39.22%.

Eli Lilly and Company (NYSE:LLY - Get Free Report) shares shot up 2.1% during mid-day trading on Thursday . The stock traded as high as $674.96 and last traded at $674.54. 2,813,196 shares were traded during trading, a decline of 31% from the average session volume of 4,096,445 shares. The stock had previously closed at $660.49.

Analyst Ratings Changes

Several brokerages have recently weighed in on LLY. Leerink Partnrs cut shares of Eli Lilly and Company from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Guggenheim cut their price objective on shares of Eli Lilly and Company from $942.00 to $875.00 and set a "buy" rating for the company in a report on Wednesday. Wall Street Zen raised shares of Eli Lilly and Company from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. HSBC lowered shares of Eli Lilly and Company from a "buy" rating to a "reduce" rating and dropped their price objective for the stock from $1,150.00 to $700.00 in a research note on Monday, April 28th. Finally, Erste Group Bank lowered shares of Eli Lilly and Company from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $964.88.

Eli Lilly and Company Stock Performance

The company has a market capitalization of $640.12 billion, a PE ratio of 44.25, a P/E/G ratio of 0.90 and a beta of 0.44. The stock has a 50-day simple moving average of $767.52 and a 200 day simple moving average of $796.25. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.28 and a quick ratio of 1.00.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $6.31 EPS for the quarter, topping the consensus estimate of $5.59 by $0.72. The company had revenue of $15.56 billion during the quarter, compared to analyst estimates of $14.40 billion. Eli Lilly and Company had a return on equity of 92.72% and a net margin of 25.91%. The firm's revenue was up 37.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.92 earnings per share. Equities analysts anticipate that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, August 15th. Eli Lilly and Company's dividend payout ratio is presently 39.22%.

Insider Buying and Selling

In other news, Director Gabrielle Sulzberger purchased 117 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was purchased at an average cost of $641.18 per share, with a total value of $75,018.06. Following the purchase, the director owned 2,703 shares in the company, valued at $1,733,109.54. This trade represents a 4.52% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jamere Jackson purchased 200 shares of the firm's stock in a transaction on Friday, August 8th. The shares were purchased at an average cost of $639.56 per share, with a total value of $127,912.00. Following the completion of the purchase, the director owned 9,402 shares in the company, valued at $6,013,143.12. This represents a 2.17% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 4,514 shares of company stock valued at $2,894,841. Company insiders own 0.13% of the company's stock.

Hedge Funds Weigh In On Eli Lilly and Company

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LLY. WestEnd Advisors LLC grew its holdings in shares of Eli Lilly and Company by 210.0% in the 1st quarter. WestEnd Advisors LLC now owns 31 shares of the company's stock worth $26,000 after acquiring an additional 21 shares during the last quarter. Wealth Preservation Advisors LLC bought a new position in Eli Lilly and Company during the first quarter valued at about $27,000. Sumitomo Mitsui Financial Group Inc. bought a new position in Eli Lilly and Company during the second quarter valued at about $27,000. Financial Gravity Companies Inc. bought a new position in Eli Lilly and Company during the second quarter valued at about $31,000. Finally, Bare Financial Services Inc increased its stake in Eli Lilly and Company by 263.6% during the second quarter. Bare Financial Services Inc now owns 40 shares of the company's stock valued at $31,000 after acquiring an additional 29 shares during the period. 82.53% of the stock is owned by 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.

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