Eli Lilly and Company (NYSE:LLY) Stock Price Down 0.6% – Here’s What Happened

Shares of Eli Lilly and Company (NYSE:LLY) traded down 0.6% during mid-day trading on Thursday . The company traded as low as $816.68 and last traded at $821.45. 414,570 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 3,143,143 shares. The stock had previously closed at $826.76.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wells Fargo & Company upped their price target on shares of Eli Lilly and Company from $970.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Citigroup decreased their target price on shares of Eli Lilly and Company from $1,250.00 to $1,190.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Bank of America reaffirmed a “buy” rating and set a $997.00 price target on shares of Eli Lilly and Company in a report on Tuesday, December 10th. StockNews.com raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Finally, Morgan Stanley set a $1,146.00 target price on Eli Lilly and Company in a research note on Thursday, March 6th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,009.72.

Eli Lilly and Company Stock Performance

The company’s 50-day moving average price is $841.16 and its two-hundred day moving average price is $837.54. The company has a market cap of $777.02 billion, a P/E ratio of 69.98, 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 issued its earnings results on Thursday, February 6th. The company reported $5.32 earnings per share 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, equities analysts forecast that Eli Lilly and Company will post 23.48 earnings per share for the current year.

Eli Lilly and Company announced that its Board of Directors has approved a stock repurchase plan on Monday, December 9th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Eli Lilly and Company

In other Eli Lilly and Company news, CAO Donald A. Zakrowski sold 1,000 shares of Eli Lilly and Company stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 5,840 shares in the company, valued at approximately $4,778,521.60. The trade was a 14.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.13% of the stock is currently owned by corporate insiders.

Institutional Trading of Eli Lilly and Company

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in Eli Lilly and Company during the 4th quarter worth about $8,407,908,000. Proficio Capital Partners LLC grew its stake in Eli Lilly and Company by 100,387.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,202,215 shares of the company’s stock valued at $4,016,110,000 after buying an additional 5,197,038 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Eli Lilly and Company by 19.0% in the fourth 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 last quarter. Capital International Investors increased its position in Eli Lilly and Company by 23.2% in the 4th quarter. Capital International Investors now owns 8,730,758 shares of the company’s stock worth $6,740,272,000 after buying an additional 1,645,222 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Eli Lilly and Company during the fourth quarter worth $1,240,653,000. Institutional investors and hedge funds 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.