Eli Lilly and Company (NYSE:LLY) Trading Down 14.3% - Here's Why

Key Points

• Eli Lilly and Company shares fell by 14.3% during trading on Thursday, dropping to a low of $635.30, and the trading volume surged to 12.1 million shares, which is 214% higher than the average daily volume.
• Analysts have provided mixed ratings, with 17 buy ratings, 4 hold ratings, and 1 sell rating, while consensus target price is set at $999.50.
• The company reported a 37.6% increase in revenue year-over-year, with earnings per share of $6.31, surpassing analysts' estimates of $5.59.

Eli Lilly and Company (NYSE:LLY - Get Free Report) shares dropped 14.3% during trading on Thursday . The company traded as low as $635.30 and last traded at $639.35. Approximately 12,129,251 shares were traded during mid-day trading, an increase of 214% from the average daily volume of 3,856,726 shares. The stock had previously closed at $746.37.

Analyst Ratings Changes

LLY has been the subject of several analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Eli Lilly and Company in a research report on Thursday, May 1st. UBS Group lowered their price target on shares of Eli Lilly and Company from $1,100.00 to $1,050.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Leerink Partners reaffirmed a "market perform" rating and set a $715.00 price objective on shares of Eli Lilly and Company in a report on Thursday. Cantor Fitzgerald initiated coverage on Eli Lilly and Company in a report on Tuesday, April 22nd. They set an "overweight" rating and a $975.00 price objective on the stock. Finally, HSBC lowered shares of Eli Lilly and Company from a "buy" rating to a "reduce" rating and dropped their price objective for the company from $1,150.00 to $700.00 in a research note on Monday, April 28th. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $999.50.

Eli Lilly and Company Stock Performance

The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.06 and a current ratio of 1.37. The company has a fifty day moving average of $777.97 and a two-hundred day moving average of $800.20. The firm has a market capitalization of $606.71 billion, a price-to-earnings ratio of 52.09, a PEG ratio of 1.09 and a beta of 0.44.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $6.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.59 by $0.72. The firm had revenue of $15.56 billion for the quarter, compared to the consensus estimate of $14.40 billion. Eli Lilly and Company had a net margin of 22.67% and a return on equity of 85.51%. The business's revenue for the quarter was up 37.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.92 earnings per share. As a group, equities research analysts predict that Eli Lilly and Company will post 23.48 earnings per share for the current fiscal year.

Eli Lilly and Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be issued 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 payout ratio is 48.82%.

Institutional Investors Weigh In On Eli Lilly and Company

Large investors have recently modified their holdings of the company. Garner Asset Management Corp raised its stake in shares of Eli Lilly and Company by 2.3% in the fourth quarter. Garner Asset Management Corp now owns 532 shares of the company's stock worth $411,000 after purchasing an additional 12 shares during the last quarter. Brighton Jones LLC grew its position in shares of Eli Lilly and Company by 22.0% during the 4th quarter. Brighton Jones LLC now owns 9,597 shares of the company's stock valued at $7,409,000 after acquiring an additional 1,730 shares during the period. Revolve Wealth Partners LLC lifted its position in shares of Eli Lilly and Company by 2.8% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,471 shares of the company's stock valued at $1,136,000 after buying an additional 40 shares during the last quarter. Orion Capital Management LLC increased its stake in shares of Eli Lilly and Company by 2.5% in the fourth quarter. Orion Capital Management LLC now owns 1,610 shares of the company's stock worth $1,243,000 after purchasing an additional 40 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG boosted its stake in Eli Lilly and Company by 4.1% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 64,758 shares of the company's stock worth $49,993,000 after purchasing an additional 2,568 shares during the period. 82.53% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.