Eli Lilly and Company (NYSE:LLY) Trading Down 1.9% After Earnings Miss

Shares of Eli Lilly and Company (NYSE:LLY) were down 1.9% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $825.24 and last traded at $830.42. Approximately 1,710,472 shares changed hands during trading, a decline of 43% from the average daily volume of 3,022,442 shares. The stock had previously closed at $846.83.

The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.52 by ($0.34). The business had revenue of $11.44 billion during the quarter, compared to analysts’ expectations of $12.09 billion. Eli Lilly and Company had a net margin of 18.86% and a return on equity of 67.52%. Eli Lilly and Company’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 EPS.

Eli Lilly and Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be paid a $1.30 dividend. The ex-dividend date is Friday, November 15th. This represents a $5.20 dividend on an annualized basis and a yield of 0.63%. Eli Lilly and Company’s dividend payout ratio is currently 56.22%.

Analyst Ratings Changes

Several equities analysts have issued reports on LLY shares. JPMorgan Chase & Co. increased their price objective on shares of Eli Lilly and Company from $1,050.00 to $1,100.00 and gave the company an “overweight” rating in a report on Friday, September 13th. Sanford C. Bernstein assumed coverage on Eli Lilly and Company in a report on Thursday, October 17th. They issued an “outperform” rating and a $1,100.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $1,025.00 price objective on shares of Eli Lilly and Company in a research note on Thursday, October 3rd. Evercore ISI upgraded Eli Lilly and Company to a “hold” rating in a research report on Thursday, September 5th. Finally, Bank of America dropped their price target on Eli Lilly and Company from $1,150.00 to $1,100.00 and set a “buy” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,009.00.

Institutional Investors Weigh In On Eli Lilly and Company

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. TFB Advisors LLC boosted its stake in Eli Lilly and Company by 2.4% during the third quarter. TFB Advisors LLC now owns 1,977 shares of the company’s stock worth $1,752,000 after buying an additional 46 shares during the period. Channel Wealth LLC boosted its position in shares of Eli Lilly and Company by 38.6% during the 3rd quarter. Channel Wealth LLC now owns 7,634 shares of the company’s stock worth $6,763,000 after purchasing an additional 2,125 shares during the period. Dudley Capital Management LLC boosted its position in shares of Eli Lilly and Company by 29.4% during the 3rd quarter. Dudley Capital Management LLC now owns 1,544 shares of the company’s stock worth $1,368,000 after purchasing an additional 351 shares during the period. Mainstream Capital Management LLC acquired a new stake in Eli Lilly and Company in the 3rd quarter valued at approximately $238,000. Finally, Portside Wealth Group LLC lifted its stake in Eli Lilly and Company by 13.1% during the third quarter. Portside Wealth Group LLC now owns 3,158 shares of the company’s stock worth $2,798,000 after purchasing an additional 365 shares in the last quarter. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Stock Down 2.0 %

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 business has a 50 day simple moving average of $913.71 and a 200 day simple moving average of $864.86. The company has a market capitalization of $788.70 billion, a price-to-earnings ratio of 89.71, a PEG ratio of 3.24 and a beta of 0.42.

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.