Eli Lilly and Company (NYSE:LLY) Trading Up 0.9% Following Dividend Announcement

Shares of Eli Lilly and Company (NYSE:LLY) were up 0.9% during trading on Tuesday following a dividend announcement from the company. The company traded as high as $907.98 and last traded at $903.70. Approximately 853,011 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 2,944,217 shares. The stock had previously closed at $895.59.

The newly announced dividend which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be given a $1.30 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $5.20 dividend on an annualized basis and a yield of 0.58%. Eli Lilly and Company’s dividend payout ratio (DPR) is 76.58%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on LLY shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $885.00 target price on shares of Eli Lilly and Company in a research report on Monday, September 16th. Guggenheim upped their target price on Eli Lilly and Company from $884.00 to $1,030.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Bank of America raised their price target on shares of Eli Lilly and Company from $1,000.00 to $1,125.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Sanford C. Bernstein assumed coverage on Eli Lilly and Company in a research report on Thursday, October 17th. They issued an “outperform” rating and a $1,100.00 price objective for the company. Finally, BMO Capital Markets upped their price target on shares of Eli Lilly and Company from $1,001.00 to $1,101.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Eli Lilly and Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,013.41.

Eli Lilly and Company Stock Performance

The company has a 50 day moving average of $918.30 and a 200 day moving average of $865.23. 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 firm has a market cap of $859.21 billion, a price-to-earnings ratio of 133.14, a PEG ratio of 3.24 and a beta of 0.42.

Eli Lilly and Company (NYSE:LLY) last released its earnings results on Thursday, August 8th. The company reported $3.92 earnings per share for the quarter, topping the consensus estimate of $2.64 by $1.28. Eli Lilly and Company had a net margin of 18.86% and a return on equity of 67.52%. The company had revenue of $11.30 billion during the quarter, compared to the consensus estimate of $9.83 billion. As a group, equities research analysts expect that Eli Lilly and Company will post 14.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Eli Lilly and Company

A number of large investors have recently bought and sold shares of the business. State of Michigan Retirement System lifted its stake in Eli Lilly and Company by 12.6% in the first quarter. State of Michigan Retirement System now owns 269,704 shares of the company’s stock valued at $209,819,000 after buying an additional 30,200 shares during the last quarter. Financial Security Advisor Inc. boosted its holdings in shares of Eli Lilly and Company by 1.4% in the first quarter. Financial Security Advisor Inc. now owns 4,194 shares of the company’s stock valued at $3,263,000 after acquiring an additional 58 shares in the last quarter. Naviter Wealth LLC increased its position in shares of Eli Lilly and Company by 18.3% during the 1st quarter. Naviter Wealth LLC now owns 4,318 shares of the company’s stock valued at $3,359,000 after purchasing an additional 668 shares during the period. Saxon Interests Inc. acquired a new position in Eli Lilly and Company during the first quarter worth about $261,000. Finally, Azzad Asset Management Inc. ADV raised its holdings in shares of Eli Lilly and Company by 2.5% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 1,814 shares of the company’s stock worth $1,411,000 after purchasing an additional 45 shares in 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.