Eli Lilly and Company (NYSE:LLY) Trading 2.6% Higher After Strong Earnings

Eli Lilly and Company (NYSE:LLY) shares rose 2.6% during trading on Monday following a stronger than expected earnings report. The stock traded as high as $754.42 and last traded at $754.36. Approximately 950,304 shares changed hands 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 for the quarter, topping the consensus estimate of $2.53 by $0.05. The company had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.94 billion. Eli Lilly and Company had a return on equity of 56.98% and a net margin of 17.08%. The business’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.62 earnings per share.

Eli Lilly and Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Thursday, May 16th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 0.68%. Eli Lilly and Company’s payout ratio is presently 76.58%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barclays upped their target price on Eli Lilly and Company from $680.00 to $810.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. The Goldman Sachs Group boosted their price target on Eli Lilly and Company from $650.00 to $723.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Erste Group Bank raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. TheStreet raised Eli Lilly and Company from a “c+” rating to a “b” rating in a research report on Friday, March 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $885.00 target price (up from $815.00) on shares of Eli Lilly and Company in a research report on Tuesday, April 30th. Three equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $757.95.

Institutional Investors Weigh In On Eli Lilly and Company

Several large investors have recently added to or reduced their stakes in LLY. Lipe & Dalton purchased a new position in Eli Lilly and Company during the 4th quarter valued at about $26,000. Thompson Investment Management Inc. bought a new stake in shares of Eli Lilly and Company during the 3rd quarter valued at about $27,000. Tidemark LLC bought a new stake in shares of Eli Lilly and Company during the 4th quarter valued at about $29,000. Core Wealth Advisors Inc. boosted its position in shares of Eli Lilly and Company by 188.2% during the 4th quarter. Core Wealth Advisors Inc. now owns 49 shares of the company’s stock valued at $29,000 after acquiring an additional 32 shares during the last quarter. Finally, Optiver Holding B.V. bought a new stake in shares of Eli Lilly and Company during the 3rd quarter valued at about $36,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Eli Lilly and Company Trading Up 4.3 %

The stock has a market cap of $728.72 billion, a P/E ratio of 112.92, a P/E/G ratio of 1.45 and a beta of 0.37. 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 stock has a 50-day moving average price of $760.96 and a 200-day moving average price of $673.52.

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.