Eli Lilly and Company (NYSE:LLY) Shares Down 3.5% - What's Next?

Eli Lilly and Company (NYSE:LLY - Get Free Report)'s stock price dropped 3.5% on Friday . The stock traded as low as $878.01 and last traded at $881.23. Approximately 962,952 shares changed hands during trading, a decline of 69% from the average daily volume of 3,108,924 shares. The stock had previously closed at $912.76.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on LLY. Berenberg Bank set a $970.00 price objective on Eli Lilly and Company in a report on Thursday, January 16th. Citigroup decreased their price target on Eli Lilly and Company from $1,250.00 to $1,190.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Wells Fargo & Company lifted their price target on Eli Lilly and Company from $970.00 to $1,100.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Truist Financial lifted their price target on Eli Lilly and Company from $1,029.00 to $1,038.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Finally, Wolfe Research began coverage on Eli Lilly and Company in a research note on Friday, November 15th. They issued an "outperform" rating and a $1,000.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,009.72.

Eli Lilly and Company Price Performance

The business has a 50-day simple moving average of $827.73 and a 200 day simple moving average of $846.36. The stock has a market cap of $785.84 billion, a P/E ratio of 70.78, a price-to-earnings-growth ratio of 1.40 and a beta of 0.34. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported $5.32 EPS for the quarter, missing analysts' consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. On average, analysts forecast that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company announced that its board has approved a share repurchase plan on Monday, December 9th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LLY. Principal Financial Group Inc. lifted its stake in shares of Eli Lilly and Company by 5.3% in the 3rd quarter. Principal Financial Group Inc. now owns 1,208,545 shares of the company's stock valued at $1,070,698,000 after purchasing an additional 60,306 shares during the period. Assetmark Inc. lifted its stake in shares of Eli Lilly and Company by 7.3% in the 3rd quarter. Assetmark Inc. now owns 49,713 shares of the company's stock valued at $44,043,000 after purchasing an additional 3,397 shares during the period. Field & Main Bank lifted its stake in shares of Eli Lilly and Company by 0.3% in the 3rd quarter. Field & Main Bank now owns 8,172 shares of the company's stock valued at $7,240,000 after purchasing an additional 27 shares during the period. First Personal Financial Services lifted its stake in shares of Eli Lilly and Company by 24.9% in the 3rd quarter. First Personal Financial Services now owns 301 shares of the company's stock valued at $267,000 after purchasing an additional 60 shares during the period. Finally, Sheets Smith Wealth Management lifted its stake in shares of Eli Lilly and Company by 48.6% in the 3rd quarter. Sheets Smith Wealth Management now owns 13,065 shares of the company's stock valued at $11,574,000 after purchasing an additional 4,271 shares during the period. 82.53% of the stock is 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.