Eli Lilly and Company (NYSE:LLY) Trading Up 1.4% – Here’s What Happened

Eli Lilly and Company (NYSE:LLY)’s stock price was up 1.4% during trading on Wednesday . The company traded as high as $838.00 and last traded at $833.78. Approximately 618,952 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 3,114,376 shares. The stock had previously closed at $822.51.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on LLY shares. Citigroup reduced their price target 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 report on Tuesday, January 28th. Leerink Partners set a $950.00 price objective on shares of Eli Lilly and Company in a research note on Friday, January 17th. Bank of America reaffirmed a “buy” rating and issued a $997.00 price objective on shares of Eli Lilly and Company in a research note on Tuesday, December 10th. Berenberg Bank set a $970.00 price objective on shares of Eli Lilly and Company in a research note on Thursday, January 16th. Finally, Wells Fargo & Company raised their price objective on shares of 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. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $1,009.72.

Eli Lilly and Company Trading Up 1.5 %

The firm has a market cap of $791.65 billion, a P/E ratio of 71.30, a price-to-earnings-growth ratio of 1.40 and a beta of 0.34. The company has a quick ratio of 0.97, a current ratio of 1.15 and a debt-to-equity ratio of 2.00. The firm’s 50-day simple moving average is $833.02 and its 200 day simple moving average is $840.71.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings results on Thursday, February 6th. The company reported $5.32 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. As a group, analysts expect 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 authorized a share 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 reacquire up to 2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CAO Donald A. Zakrowski sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total transaction of $818,240.00. Following the sale, the chief accounting officer now owns 5,840 shares of the company’s stock, valued at approximately $4,778,521.60. This represents a 14.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eli Lilly and Company

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Eli Lilly and Company by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 74,248,997 shares of the company’s stock worth $57,320,226,000 after buying an additional 475,530 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Eli Lilly and Company by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 17,382,846 shares of the company’s stock worth $13,389,651,000 after buying an additional 291,875 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Eli Lilly and Company by 19.0% in the 4th quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company’s stock worth $9,747,214,000 after buying an additional 2,012,129 shares during the last quarter. Norges Bank bought a new position in shares of Eli Lilly and Company in the 4th quarter worth $8,407,908,000. Finally, Capital Research Global Investors increased its holdings in shares of Eli Lilly and Company by 16.1% in the 4th quarter. Capital Research Global Investors now owns 10,757,511 shares of the company’s stock worth $8,304,811,000 after buying an additional 1,493,673 shares during the last quarter. Institutional investors own 82.53% of the company’s stock.

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.