Eli Lilly and Company (NYSE:LLY) Stock Price Up 2.6% – Still a Buy?

Eli Lilly and Company (NYSE:LLY)’s stock price rose 2.6% during mid-day trading on Friday . The stock traded as high as $787.39 and last traded at $786.42. Approximately 1,117,346 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 4,000,221 shares. The stock had previously closed at $766.60.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LLY. Bank of America reissued a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a report on Tuesday, December 10th. StockNews.com raised shares of Eli Lilly and Company from a “hold” rating to a “buy” rating in a research note on Wednesday. Redburn Atlantic raised shares of Eli Lilly and Company to a “hold” rating in a research note on Monday, November 4th. Citigroup raised their price objective on shares of Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Barclays dropped their target price 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. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eli Lilly and Company presently has a consensus rating of “Moderate Buy” and an average price target of $1,002.22.

Eli Lilly and Company Stock Performance

The firm’s fifty day simple moving average is $776.69 and its 200 day simple moving average is $849.41. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 0.97. The company has a market capitalization of $745.01 billion, a price-to-earnings ratio of 84.84, a PEG ratio of 1.59 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The firm had revenue of $11.44 billion during the quarter, compared to analyst estimates of $12.09 billion. During the same period in the prior year, the business posted $0.10 EPS. The company’s revenue for the quarter was up 20.4% on a year-over-year basis. On average, sell-side analysts forecast that Eli Lilly and Company will post 12.98 EPS for the current year.

Eli Lilly and Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 0.76%. This is a positive change from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Friday, February 14th. Eli Lilly and Company’s payout ratio is presently 56.22%.

Eli Lilly and Company announced that its Board of Directors has approved a share buyback program on Monday, December 9th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the company to purchase up to 2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Eli Lilly and Company

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

Hedge Funds Weigh In On Eli Lilly and Company

Hedge funds have recently modified their holdings of the stock. CWA Asset Management Group LLC increased its position in Eli Lilly and Company by 11.9% in the 4th quarter. CWA Asset Management Group LLC now owns 6,794 shares of the company’s stock worth $5,245,000 after purchasing an additional 724 shares during the last quarter. M&T Bank Corp increased its holdings in Eli Lilly and Company by 0.7% in the third quarter. M&T Bank Corp now owns 266,822 shares of the company’s stock worth $236,389,000 after buying an additional 1,867 shares during the last quarter. Cooper Financial Group raised its position in Eli Lilly and Company by 35.5% during the fourth quarter. Cooper Financial Group now owns 2,655 shares of the company’s stock valued at $2,050,000 after acquiring an additional 695 shares in the last quarter. Everence Capital Management Inc. raised its position in Eli Lilly and Company by 3.2% during the fourth quarter. Everence Capital Management Inc. now owns 22,340 shares of the company’s stock valued at $17,246,000 after acquiring an additional 690 shares in the last quarter. Finally, Jacobs & Co. CA lifted its stake in Eli Lilly and Company by 35.2% in the fourth quarter. Jacobs & Co. CA now owns 29,391 shares of the company’s stock valued at $22,690,000 after acquiring an additional 7,646 shares during the last quarter. 82.53% of the stock is owned by institutional investors and hedge funds.

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.