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

Eli Lilly and Company (NYSE:LLY) shares gapped down prior to trading 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 for the quarter, missing the consensus estimate of $1.53 by ($0.35). 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 during the quarter, compared to analysts’ expectations of $12.09 billion. During the same quarter last year, the business posted $0.10 EPS. The company’s quarterly revenue was up 20.4% compared to the same quarter last year.

Eli Lilly and Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend is Friday, November 15th. Eli Lilly and Company’s payout ratio is presently 76.58%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LLY. Sanford C. Bernstein began coverage on Eli Lilly and Company in a research note on Thursday, October 17th. They issued an “outperform” rating and a $1,100.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $885.00 target price on shares of Eli Lilly and Company in a research note on Monday, September 16th. JPMorgan Chase & Co. raised their target price on Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. Truist Financial raised their price objective on Eli Lilly and Company from $1,000.00 to $1,033.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Wells Fargo & Company raised their price objective on Eli Lilly and Company from $875.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,013.41.

Institutional Trading of Eli Lilly and Company

Large investors have recently modified their holdings of the company. Lynx Investment Advisory bought a new stake in shares of Eli Lilly and Company in the second quarter worth $32,000. LGT Financial Advisors LLC bought a new stake in shares of Eli Lilly and Company in the second quarter worth $36,000. Morton Brown Family Wealth LLC grew its holdings in shares of Eli Lilly and Company by 45.5% in the second quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock worth $41,000 after acquiring an additional 15 shares during the period. Cedar Mountain Advisors LLC lifted its position in Eli Lilly and Company by 53.3% during the third quarter. Cedar Mountain Advisors LLC now owns 46 shares of the company’s stock valued at $41,000 after purchasing an additional 16 shares in the last quarter. Finally, Unique Wealth Strategies LLC purchased a new position in Eli Lilly and Company during the second quarter valued at $45,000. Institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Stock Down 6.3 %

The company has a market capitalization of $804.90 billion, a PE ratio of 124.73, a P/E/G ratio of 3.24 and a beta of 0.42. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.11 and a quick ratio of 0.87. The company has a 50-day moving average of $916.20 and a two-hundred day moving average of $865.10.

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.