Eli Lilly and Company (NYSE:LLY) Shares Gap Down on Disappointing Earnings

Eli Lilly and Company (NYSE:LLY) shares gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $903.58, but opened at $798.50. Eli Lilly and Company shares last traded at $777.99, with a volume of 2,827,131 shares traded.

The company reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 67.52% and a net margin of 18.86%. The business had revenue of $11.44 billion for the quarter, compared to analyst estimates of $12.09 billion. During the same period in the previous year, the business posted $0.10 earnings per share. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year.

Eli Lilly and Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Friday, November 15th. Eli Lilly and Company’s dividend payout ratio is presently 56.22%.

Wall Street Analysts Forecast Growth

LLY has been the subject of a number of research analyst reports. Truist Financial upped their price target on Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Citigroup boosted 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 research note on Friday, October 25th. Sanford C. Bernstein assumed coverage on shares of Eli Lilly and Company in a research report on Thursday, October 17th. They set an “outperform” rating and a $1,100.00 target price on the stock. Barclays lowered their price target 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. Finally, Evercore ISI upgraded shares of Eli Lilly and Company to a “hold” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,009.00.

Institutional Trading of Eli Lilly and Company

Hedge funds have recently bought and sold shares of the stock. Twelve Points Wealth Management LLC grew its stake in shares of Eli Lilly and Company by 1.4% in the 2nd quarter. Twelve Points Wealth Management LLC now owns 811 shares of the company’s stock valued at $734,000 after purchasing an additional 11 shares during the last quarter. Verum Partners LLC grew its holdings in shares of Eli Lilly and Company by 1.5% in the 2nd quarter. Verum Partners LLC now owns 731 shares of the company’s stock worth $662,000 after acquiring an additional 11 shares during the period. Beaird Harris Wealth Management LLC increased its position 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 buying an additional 11 shares in the last quarter. Summit Financial Strategies Inc. increased its holdings in Eli Lilly and Company by 0.5% during the 3rd quarter. Summit Financial Strategies Inc. now owns 2,105 shares of the company’s stock valued at $1,865,000 after acquiring an additional 11 shares in the last quarter. Finally, Prio Wealth Limited Partnership raised its position in shares of Eli Lilly and Company by 0.5% during the 3rd quarter. Prio Wealth Limited Partnership now owns 2,411 shares of the company’s stock worth $2,136,000 after purchasing an additional 11 shares during the last quarter. 82.53% of the stock is owned by institutional investors.

Eli Lilly and Company Stock Performance

The company has a market capitalization of $788.70 billion, a price-to-earnings ratio of 89.71, a PEG ratio of 3.24 and a beta of 0.42. The company has a quick ratio of 0.87, a current ratio of 1.11 and a debt-to-equity ratio of 1.74. The stock has a fifty day moving average price of $913.71 and a two-hundred day moving average price of $864.86.

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.