Eli Lilly and Company (NYSE:LLY) Stock Price Up 1.4% Following Dividend Announcement

Eli Lilly and Company (NYSE:LLY - Get Free Report)'s stock price traded up 1.4% during mid-day trading on Monday after the company announced a dividend. The stock traded as high as $793.21 and last traded at $773.42. 1,097,118 shares changed hands during trading, a decline of 70% from the average session volume of 3,658,616 shares. The stock had previously closed at $762.73.

The newly announced 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 0.78%. Eli Lilly and Company's dividend payout ratio is presently 48.82%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on LLY. Morgan Stanley reiterated an "overweight" rating on shares of Eli Lilly and Company in a research report on Thursday, May 1st. UBS Group dropped their price objective on Eli Lilly and Company from $1,100.00 to $1,050.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Cantor Fitzgerald assumed coverage on Eli Lilly and Company in a research report on Tuesday, April 22nd. They issued an "overweight" rating and a $975.00 price target on the stock. Wall Street Zen upgraded shares of Eli Lilly and Company from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of Eli Lilly and Company in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,011.79.

Eli Lilly and Company Price Performance

The firm has a market capitalization of $733.10 billion, a P/E ratio of 62.94, a PEG ratio of 1.11 and a beta of 0.41. The company has a fifty day moving average of $780.81 and a 200 day moving average of $800.36. The company has a debt-to-equity ratio of 2.18, a current ratio of 1.37 and a quick ratio of 1.06.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $3.34 earnings per share for the quarter, missing the consensus estimate of $4.64 by ($1.30). The firm had revenue of $12.73 billion for the quarter, compared to analyst estimates of $12.77 billion. Eli Lilly and Company had a return on equity of 85.51% and a net margin of 22.67%. The company's quarterly revenue was up 45.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.58 earnings per share. Sell-side analysts predict that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Institutional Investors Weigh In On Eli Lilly and Company

Several institutional investors and hedge funds have recently made changes to their positions in the business. FWG Holdings LLC lifted its position in shares of Eli Lilly and Company by 0.6% during the 4th quarter. FWG Holdings LLC now owns 2,023 shares of the company's stock valued at $1,640,000 after acquiring an additional 12 shares during the period. Morling Financial Advisors LLC boosted its position in shares of Eli Lilly and Company by 4.7% during the 4th quarter. Morling Financial Advisors LLC now owns 266 shares of the company's stock worth $205,000 after purchasing an additional 12 shares in the last quarter. Prestige Wealth Management Group LLC grew its stake in shares of Eli Lilly and Company by 2.0% in the 4th quarter. Prestige Wealth Management Group LLC now owns 606 shares of the company's stock valued at $468,000 after buying an additional 12 shares during the period. Applied Finance Capital Management LLC raised its stake in Eli Lilly and Company by 1.4% during the 4th quarter. Applied Finance Capital Management LLC now owns 855 shares of the company's stock worth $660,000 after buying an additional 12 shares during the period. Finally, Garner Asset Management Corp boosted its holdings in 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 acquiring an additional 12 shares in the last quarter. 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.