Eli Lilly and Company (NYSE:LLY) Trading 2% Higher - Here's Why

Eli Lilly and Company (NYSE:LLY - Get Free Report)'s stock price rose 2% on Friday . The stock traded as high as $888.53 and last traded at $890.68. Approximately 971,711 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 3,670,633 shares. The stock had previously closed at $873.12.

Analysts Set New Price Targets

LLY has been the subject of several analyst reports. Wolfe Research initiated coverage on shares of Eli Lilly and Company in a research note on Friday, November 15th. They issued 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. 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. 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. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eli Lilly and Company from $1,025.00 to $1,015.00 and set a "buy" rating for the company in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $997.50.

Eli Lilly and Company Stock Performance

The company has a quick ratio of 0.97, a current ratio of 1.27 and a debt-to-equity ratio of 2.03. The stock has a market cap of $833.78 billion, a price-to-earnings ratio of 74.97, a P/E/G ratio of 1.39 and a beta of 0.42. The company has a 50 day simple moving average of $799.63 and a 200 day simple moving average of $846.07.

Eli Lilly and Company (NYSE:LLY - Get Free Report) last released 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 86.26% and a net margin of 23.51%. As a group, equities research analysts forecast that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company Increases Dividend

The company also recently declared 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 boost from Eli Lilly and Company's previous quarterly dividend of $1.30. This represents a $6.00 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend is Friday, February 14th. Eli Lilly and Company's payout ratio is 51.24%.

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

Institutional Trading of Eli Lilly and Company

Several institutional investors have recently added to or reduced their stakes in the stock. Aurdan Capital Management LLC bought a new stake in Eli Lilly and Company in the fourth quarter valued at approximately $468,000. Vermillion Wealth Management Inc. bought a new stake in Eli Lilly and Company in the fourth quarter valued at approximately $4,102,000. AlphaCore Capital LLC boosted its holdings in Eli Lilly and Company by 17.8% in the fourth quarter. AlphaCore Capital LLC now owns 1,900 shares of the company's stock valued at $1,467,000 after acquiring an additional 287 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Eli Lilly and Company by 2.1% in the fourth quarter. Mackenzie Financial Corp now owns 274,481 shares of the company's stock valued at $211,899,000 after acquiring an additional 5,577 shares during the last quarter. Finally, Forum Financial Management LP boosted its holdings in Eli Lilly and Company by 3.2% in the fourth quarter. Forum Financial Management LP now owns 8,615 shares of the company's stock valued at $6,651,000 after acquiring an additional 265 shares during the last quarter. 82.53% of the stock is currently owned by institutional investors.

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.

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