Eli Lilly and Company (NYSE:LLY) Trading Down 2.3% Following Insider Selling

Eli Lilly and Company (NYSE:LLY) dropped 2.3% on Tuesday after an insider sold shares in the company. The company traded as low as $878.50 and last traded at $893.26. Approximately 1,700,378 shares traded hands during trading, a decline of 42% from the average daily volume of 2,924,231 shares. The stock had previously closed at $914.37.

Specifically, CAO Donald A. Zakrowski sold 750 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $819.47, for a total transaction of $614,602.50. Following the sale, the chief accounting officer now directly owns 7,130 shares in the company, valued at $5,842,821.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Donald A. Zakrowski sold 750 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $819.47, for a total value of $614,602.50. Following the completion of the transaction, the chief accounting officer now owns 7,130 shares of the company’s stock, valued at $5,842,821.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Lilly Endowment Inc sold 58,749 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $915.26, for a total transaction of $53,770,609.74. Following the completion of the transaction, the insider now directly owns 97,308,620 shares of the company’s stock, valued at approximately $89,062,687,541.20. The disclosure for this sale can be found here. Insiders have sold a total of 849,894 shares of company stock worth $727,475,118 over the last ninety days. Company insiders own 0.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. TheStreet raised shares of Eli Lilly and Company from a “c+” rating to a “b” rating in a research report on Friday, March 8th. Bank of America reissued a “buy” rating and issued a $1,000.00 price objective on shares of Eli Lilly and Company in a research report on Monday, June 24th. Truist Financial reissued a “buy” rating and issued a $1,000.00 price objective (up previously from $892.00) on shares of Eli Lilly and Company in a research report on Tuesday, June 25th. JPMorgan Chase & Co. lifted their price objective on shares of Eli Lilly and Company from $850.00 to $900.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, BMO Capital Markets raised their target price on shares of Eli Lilly and Company from $900.00 to $1,001.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $812.72.

Eli Lilly and Company Stock Down 0.8 %

The company has a market capitalization of $861.75 billion, a P/E ratio of 133.54, a price-to-earnings-growth ratio of 1.97 and a beta of 0.41. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.03 and a current ratio of 1.35. The firm’s fifty day moving average is $818.06 and its 200-day moving average is $743.26.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings results on Monday, May 6th. The company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.05. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.94 billion. Eli Lilly and Company had a net margin of 17.08% and a return on equity of 56.98%. The firm’s revenue was up 26.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.62 EPS. As a group, equities research analysts predict that Eli Lilly and Company will post 13.76 EPS for the current year.

Eli Lilly and Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th will be issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend is Thursday, August 15th. Eli Lilly and Company’s payout ratio is 76.58%.

Hedge Funds Weigh In On Eli Lilly and Company

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its holdings in Eli Lilly and Company by 1.8% in the first quarter. Versant Capital Management Inc now owns 736 shares of the company’s stock valued at $573,000 after acquiring an additional 13 shares during the period. Innova Wealth Partners increased its position in shares of Eli Lilly and Company by 1.2% in the first quarter. Innova Wealth Partners now owns 1,068 shares of the company’s stock valued at $831,000 after buying an additional 13 shares in the last quarter. Moseley Investment Management Inc. increased its position in shares of Eli Lilly and Company by 0.4% in the first quarter. Moseley Investment Management Inc. now owns 3,890 shares of the company’s stock valued at $3,027,000 after buying an additional 14 shares in the last quarter. CGN Advisors LLC increased its position in shares of Eli Lilly and Company by 1.4% in the first quarter. CGN Advisors LLC now owns 1,001 shares of the company’s stock valued at $779,000 after buying an additional 14 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC increased its position in shares of Eli Lilly and Company by 2.0% in the first quarter. Twin Peaks Wealth Advisors LLC now owns 718 shares of the company’s stock valued at $559,000 after buying an additional 14 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.

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.