Eli Lilly and Company (NYSE:LLY) Trading 0.5% Higher Following Analyst Upgrade

Eli Lilly and Company (NYSE:LLY - Get Free Report) shares rose 0.5% during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $970.00 to $1,100.00. Wells Fargo & Company currently has an overweight rating on the stock. Eli Lilly and Company traded as high as $924.14 and last traded at $915.81. Approximately 683,538 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 3,105,913 shares. The stock had previously closed at $911.06.

A number of other equities analysts also recently weighed in on the stock. Bank of America reaffirmed a "buy" rating and set a $997.00 target price on shares of Eli Lilly and Company in a research note on Tuesday, December 10th. Truist Financial raised their target price on shares of 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. Wolfe Research initiated coverage on shares of Eli Lilly and Company in a research note on Friday, November 15th. They set an "outperform" rating and a $1,000.00 target price for the company. StockNews.com raised shares of Eli Lilly and Company from a "hold" rating to a "buy" rating in a research note on Friday, February 7th. Finally, Citigroup decreased their target price on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a "buy" rating for the company in a research note on Tuesday, January 28th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $1,007.50.

Institutional Investors Weigh In On Eli Lilly and Company

A number of large investors have recently added to or reduced their stakes in the stock. Castle Rock Wealth Management LLC grew its position in Eli Lilly and Company by 2.5% in the 4th quarter. Castle Rock Wealth Management LLC now owns 2,975 shares of the company's stock worth $2,512,000 after purchasing an additional 73 shares during the period. Siemens Fonds Invest GmbH boosted its stake in shares of Eli Lilly and Company by 4.3% during the 4th quarter. Siemens Fonds Invest GmbH now owns 18,211 shares of the company's stock worth $14,092,000 after acquiring an additional 756 shares during the last quarter. BridgePort Financial Solutions LLC purchased a new position in shares of Eli Lilly and Company during the 4th quarter worth $180,000. Park Square Financial Group LLC purchased a new position in shares of Eli Lilly and Company during the 4th quarter worth $1,218,000. Finally, Menard Financial Group LLC boosted its stake in shares of Eli Lilly and Company by 6.4% during the 4th quarter. Menard Financial Group LLC now owns 810 shares of the company's stock worth $625,000 after acquiring an additional 49 shares during the last quarter. Institutional investors own 82.53% of the company's stock.

Eli Lilly and Company Stock Up 2.1 %

The company's 50 day moving average price is $822.55 and its two-hundred day moving average price is $848.61. The firm has a market cap of $881.91 billion, a PE ratio of 79.43, a PEG ratio of 1.40 and a beta of 0.42. 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 issued its quarterly earnings results on Thursday, February 6th. The company reported $5.32 earnings per share for the quarter, missing the consensus estimate of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. On average, equities research analysts expect that Eli Lilly and Company will post 23.48 EPS for the current fiscal year.

Eli Lilly and Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be paid a dividend of $1.50 per share. This is a boost from Eli Lilly and Company's previous quarterly dividend of $1.30. The ex-dividend date is Friday, February 14th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.65%. Eli Lilly and Company's payout ratio is 51.24%.

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

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.