Eli Lilly and Company (NYSE:LLY) Shares Gap Up – Here’s What Happened

Shares of Eli Lilly and Company (NYSE:LLY) gapped up prior to trading on Friday . The stock had previously closed at $757.54, but opened at $811.35. Eli Lilly and Company shares last traded at $805.02, with a volume of 2,209,169 shares changing hands.

Analyst Ratings Changes

A number of analysts have weighed in on LLY shares. Cantor Fitzgerald reissued 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. Evercore ISI upgraded shares of Eli Lilly and Company to a “hold” rating in a report on Thursday, September 5th. Morgan Stanley reiterated an “overweight” rating and set a $1,106.00 price target on shares of Eli Lilly and Company in a report on Tuesday, August 27th. Redburn Atlantic upgraded Eli Lilly and Company to a “hold” rating in a research report on Monday, November 4th. Finally, Citigroup lifted their target price on Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,002.22.

Eli Lilly and Company Stock Performance

The company has a 50-day moving average of $818.94 and a 200-day moving average of $869.24. The company has a market cap of $728.85 billion, a PE ratio of 83.00, a PEG ratio of 3.02 and a beta of 0.41. The company has a quick ratio of 0.97, a current ratio of 1.27 and a debt-to-equity ratio of 2.03.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Wednesday, October 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The firm had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $12.09 billion. During the same quarter in the previous year, the company earned $0.10 EPS. The business’s revenue was up 20.4% compared to the same quarter last year. As a group, analysts anticipate that Eli Lilly and Company will post 13.18 earnings per share for the current year.

Eli Lilly and Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 0.78%. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Friday, February 14th. Eli Lilly and Company’s dividend payout ratio (DPR) is presently 64.86%.

Eli Lilly and Company declared that its board has authorized a stock buyback plan on Monday, December 9th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, CAO Donald A. Zakrowski sold 900 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $803.38, for a total transaction of $723,042.00. Following the completion of the transaction, the chief accounting officer now owns 5,480 shares in the company, valued at approximately $4,402,522.40. This represents a 14.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Eli Lilly and Company

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lantz Financial LLC grew its position in shares of Eli Lilly and Company by 1.3% in the second quarter. Lantz Financial LLC now owns 1,236 shares of the company’s stock valued at $1,119,000 after purchasing an additional 16 shares in the last quarter. SNS Financial Group LLC boosted its position in shares of Eli Lilly and Company by 27.0% in the second quarter. SNS Financial Group LLC now owns 625 shares of the company’s stock valued at $566,000 after acquiring an additional 133 shares during the period. Optas LLC grew its stake in Eli Lilly and Company by 4.0% during the second quarter. Optas LLC now owns 2,601 shares of the company’s stock valued at $2,355,000 after acquiring an additional 100 shares in the last quarter. Independence Bank of Kentucky increased its holdings in Eli Lilly and Company by 3.5% during the 2nd quarter. Independence Bank of Kentucky now owns 5,379 shares of the company’s stock worth $4,870,000 after acquiring an additional 182 shares during the period. Finally, Keb Asset Management LLC lifted its stake in Eli Lilly and Company by 70.0% in the 2nd quarter. Keb Asset Management LLC now owns 850 shares of the company’s stock worth $770,000 after purchasing an additional 350 shares in the last quarter. Institutional investors own 82.53% of the company’s stock.

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.