Eli Lilly and Company (NYSE:LLY) Stock Price Up 0.5% – Here’s What Happened

Eli Lilly and Company (NYSE:LLY) shares shot up 0.5% during trading on Wednesday . The stock traded as high as $811.77 and last traded at $809.01. 416,007 shares traded hands during trading, a decline of 87% from the average session volume of 3,300,234 shares. The stock had previously closed at $805.23.

Wall Street Analyst Weigh In

LLY has been the subject of a number of research analyst reports. StockNews.com raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Leerink Partners set a $950.00 price objective on shares of Eli Lilly and Company in a research note on Friday, January 17th. Bank of America reissued a “buy” rating and set a $997.00 target price on shares of Eli Lilly and Company in a research report on Tuesday, December 10th. Morgan Stanley set a $1,146.00 price target on shares of Eli Lilly and Company in a research report on Thursday, March 6th. Finally, Wells Fargo & Company lifted their price objective on shares of Eli Lilly and Company from $970.00 to $1,100.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, Eli Lilly and Company currently has a consensus rating of “Moderate Buy” and an average target price of $1,009.72.

Eli Lilly and Company Stock Up 0.8 %

The company’s 50-day moving average is $847.53 and its 200 day moving average is $834.15. The stock has a market capitalization of $769.84 billion, a PE ratio of 69.34, a price-to-earnings-growth ratio of 1.40 and a beta of 0.34. The company has a current ratio of 1.15, a quick ratio of 0.97 and a debt-to-equity ratio of 2.00.

Eli Lilly and Company (NYSE:LLY) last posted its quarterly earnings results on Thursday, February 6th. The company reported $5.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.45 by ($0.13). Eli Lilly and Company had a return on equity of 85.24% and a net margin of 23.51%. As a group, analysts anticipate that Eli Lilly and Company will post 23.48 EPS for the current year.

Eli Lilly and Company declared that its Board of Directors has initiated a stock repurchase program on Monday, December 9th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the company to repurchase up to 2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 1,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $818.24, for a total transaction of $818,240.00. Following the completion of the transaction, the chief accounting officer now owns 5,840 shares of the company’s stock, valued at $4,778,521.60. This trade represents a 14.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Eli Lilly and Company

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Eli Lilly and Company by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 74,248,997 shares of the company’s stock valued at $57,320,226,000 after acquiring an additional 475,530 shares during the period. Geode Capital Management LLC increased its holdings in shares of Eli Lilly and Company by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 17,382,846 shares of the company’s stock valued at $13,389,651,000 after purchasing an additional 291,875 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Eli Lilly and Company by 19.0% in the 4th quarter. Wellington Management Group LLP now owns 12,625,925 shares of the company’s stock valued at $9,747,214,000 after purchasing an additional 2,012,129 shares during the period. Norges Bank purchased a new stake in Eli Lilly and Company during the fourth quarter worth $8,407,908,000. Finally, Capital Research Global Investors grew its position in Eli Lilly and Company by 16.1% during the fourth quarter. Capital Research Global Investors now owns 10,757,511 shares of the company’s stock valued at $8,304,811,000 after buying an additional 1,493,673 shares during the period. Hedge funds and other 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.