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

Shares of Eli Lilly and Company (NYSE:LLY) traded up 0.9% on Tuesday after the company announced a dividend. The company traded as high as $907.98 and last traded at $903.70. 853,011 shares were traded during trading, a decline of 71% from the average session 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 dividend yield of 0.58%. Eli Lilly and Company’s dividend payout ratio is currently 76.58%.

Analyst Ratings Changes

A number of brokerages have issued reports on LLY. Citigroup upped their price objective on Eli Lilly and Company from $1,060.00 to $1,250.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Guggenheim increased their price objective on Eli Lilly and Company from $884.00 to $1,030.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $1,025.00 target price on shares of Eli Lilly and Company in a research report on Thursday, October 3rd. Barclays lifted their price target on Eli Lilly and Company from $913.00 to $1,025.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. increased their target price on shares of Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Friday, September 13th. Three equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,013.41.

Eli Lilly and Company Price Performance

The company has a market capitalization of $859.21 billion, a price-to-earnings ratio of 133.14, a P/E/G ratio of 3.24 and a beta of 0.42. The firm has a 50-day simple moving average of $918.30 and a two-hundred day simple moving average of $865.23. The company has a current ratio of 1.11, a quick ratio of 0.87 and a debt-to-equity ratio of 1.74.

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

Institutional Investors Weigh In On Eli Lilly and Company

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