Eli Lilly and Company (NYSE:LLY) Trading 2.6% Higher Following Earnings Beat

Shares of Eli Lilly and Company (NYSE:LLY) rose 2.6% during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $754.42 and last traded at $754.36. Approximately 950,304 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 3,061,418 shares. The stock had previously closed at $734.97.

The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.05. Eli Lilly and Company had a return on equity of 56.98% and a net margin of 17.08%. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.94 billion. During the same period in the previous year, the company posted $1.62 earnings per share. The business’s revenue was up 26.0% on a year-over-year basis.

Eli Lilly and Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Thursday, May 16th will be given a dividend of $1.30 per share. The ex-dividend date is Wednesday, May 15th. This represents a $5.20 dividend on an annualized basis and a yield of 0.67%. Eli Lilly and Company’s payout ratio is presently 76.58%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. TheStreet raised shares of Eli Lilly and Company from a “c+” rating to a “b” rating in a research note on Friday, March 8th. DZ Bank cut Eli Lilly and Company from a “buy” rating to a “hold” rating and set a $820.00 target price for the company. in a report on Wednesday, February 21st. Barclays lifted their price target on Eli Lilly and Company from $680.00 to $810.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. JPMorgan Chase & Co. upped their price objective on shares of Eli Lilly and Company from $850.00 to $900.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Finally, Morgan Stanley lifted their target price on shares of Eli Lilly and Company from $805.00 to $950.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Three research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $757.95.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LLY. Vanguard Group Inc. boosted its holdings in Eli Lilly and Company by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 70,575,602 shares of the company’s stock valued at $37,908,273,000 after acquiring an additional 659,838 shares during the period. Capital World Investors boosted its holdings in Eli Lilly and Company by 0.3% in the fourth quarter. Capital World Investors now owns 26,949,773 shares of the company’s stock valued at $15,709,466,000 after purchasing an additional 89,720 shares during the period. Morgan Stanley boosted its holdings in Eli Lilly and Company by 0.7% in the third quarter. Morgan Stanley now owns 12,545,572 shares of the company’s stock valued at $6,738,605,000 after purchasing an additional 83,915 shares during the period. Norges Bank acquired a new position in Eli Lilly and Company during the 4th quarter worth $5,992,890,000. Finally, Northern Trust Corp increased its holdings in Eli Lilly and Company by 3.6% during the 3rd quarter. Northern Trust Corp now owns 10,158,275 shares of the company’s stock worth $5,456,314,000 after purchasing an additional 355,317 shares during the period. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

Eli Lilly and Company Stock Up 1.4 %

The business has a 50-day simple moving average of $761.22 and a 200-day simple moving average of $674.88. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.03 and a current ratio of 1.35. The company has a market cap of $739.20 billion, a price-to-earnings ratio of 114.55, a price-to-earnings-growth ratio of 1.45 and a beta of 0.37.

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.