Eli Lilly and Company (NYSE:LLY) Shares Down 2.5% - Here's What Happened

Eli Lilly and Company (NYSE:LLY - Get Free Report)'s stock price traded down 2.5% during trading on Friday . The stock traded as low as $741.01 and last traded at $738.72. 1,490,098 shares were traded during trading, a decline of 62% from the average session volume of 3,895,282 shares. The stock had previously closed at $757.60.

Wall Street Analysts Forecast Growth

A number of analysts 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 report on Tuesday, December 10th. Citigroup upped their price target on shares of Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Sanford C. Bernstein assumed coverage on Eli Lilly and Company in a research note on Thursday, October 17th. They set an "outperform" rating and a $1,100.00 price objective for the company. Truist Financial upped their target price on Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Finally, Barclays dropped their price target on Eli Lilly and Company from $1,025.00 to $975.00 and set an "overweight" rating for the company in a research report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,002.22.

Eli Lilly and Company Stock Down 4.1 %

The stock has a market capitalization of $689.43 billion, a P/E ratio of 78.51, a PEG ratio of 1.66 and a beta of 0.41. The stock has a 50 day moving average price of $781.14 and a 200-day moving average price of $854.35. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 0.97.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $11.44 billion for the quarter, compared to the consensus estimate of $12.09 billion. During the same quarter in the previous year, the business earned $0.10 earnings per share. Eli Lilly and Company's revenue was up 20.4% compared to the same quarter last year. As a group, research analysts expect that Eli Lilly and Company will post 13.14 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. Stockholders of record on Friday, February 14th will be issued a dividend of $1.50 per share. This is a positive change from Eli Lilly and Company's previous quarterly dividend of $1.30. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date is Friday, February 14th. Eli Lilly and Company's dividend payout ratio is currently 56.22%.

Eli Lilly and Company announced that its Board of Directors has authorized a share buyback program on Monday, December 9th that allows the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 900 shares of Eli Lilly and Company stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $803.38, for a total transaction of $723,042.00. Following the sale, the chief accounting officer now directly owns 5,480 shares of the company's stock, valued at approximately $4,402,522.40. The trade was a 14.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of LLY. Beaird Harris Wealth Management LLC boosted its stake in shares of Eli Lilly and Company by 2.2% in the second quarter. Beaird Harris Wealth Management LLC now owns 512 shares of the company's stock valued at $464,000 after purchasing an additional 11 shares during the period. Summit Financial Strategies Inc. grew its stake in shares of Eli Lilly and Company by 0.5% in the third quarter. Summit Financial Strategies Inc. now owns 2,105 shares of the company's stock worth $1,865,000 after acquiring an additional 11 shares in the last quarter. Prio Wealth Limited Partnership increased its position in shares of Eli Lilly and Company by 0.5% during the third quarter. Prio Wealth Limited Partnership now owns 2,411 shares of the company's stock worth $2,136,000 after acquiring an additional 11 shares during the period. Tcwp LLC raised its stake in shares of Eli Lilly and Company by 2.3% in the second quarter. Tcwp LLC now owns 524 shares of the company's stock valued at $474,000 after acquiring an additional 12 shares in the last quarter. Finally, First Community Trust NA raised its stake in shares of Eli Lilly and Company by 4.9% in the third quarter. First Community Trust NA now owns 257 shares of the company's stock valued at $228,000 after acquiring an additional 12 shares in the last quarter. 82.53% of the stock is owned by hedge funds and other institutional investors.

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.