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

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

The company reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.34). Eli Lilly and Company had a return on equity of 73.73% and a net margin of 20.48%. The firm had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $12.09 billion. During the same period in the prior year, the firm posted $0.10 EPS. The firm’s quarterly revenue was up 20.4% on a year-over-year basis.

Eli Lilly and Company Announces Dividend

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

Analyst Upgrades and Downgrades

LLY has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $1,025.00 price objective on shares of Eli Lilly and Company in a research note on Thursday, October 3rd. JPMorgan Chase & Co. lifted their price target on 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. 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 on the stock in a research report on Thursday. Guggenheim raised their price objective on Eli Lilly and Company from $884.00 to $1,030.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $885.00 target price on shares of Eli Lilly and Company in a report on Monday, September 16th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Eli Lilly and Company has an average rating of “Moderate Buy” and an average price target of $1,009.00.

Institutional Investors Weigh In On Eli Lilly and Company

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Twelve Points Wealth Management LLC grew its holdings in shares of Eli Lilly and Company by 1.4% during the 2nd quarter. Twelve Points Wealth Management LLC now owns 811 shares of the company’s stock valued at $734,000 after purchasing an additional 11 shares during the last quarter. Verum Partners LLC grew its stake in shares of Eli Lilly and Company by 1.5% during the second quarter. Verum Partners LLC now owns 731 shares of the company’s stock worth $662,000 after buying an additional 11 shares during the last quarter. Beaird Harris Wealth Management LLC grew its stake in shares of Eli Lilly and Company by 2.2% during the second quarter. Beaird Harris Wealth Management LLC now owns 512 shares of the company’s stock worth $464,000 after buying an additional 11 shares during the last quarter. Summit Financial Strategies Inc. lifted its stake in shares of Eli Lilly and Company by 0.5% in the 3rd quarter. Summit Financial Strategies Inc. now owns 2,105 shares of the company’s stock valued at $1,865,000 after acquiring an additional 11 shares during the last quarter. Finally, Prio Wealth Limited Partnership lifted its stake in shares of Eli Lilly and Company by 0.5% in the 3rd quarter. Prio Wealth Limited Partnership now owns 2,411 shares of the company’s stock valued at $2,136,000 after acquiring an additional 11 shares during the last quarter. 82.53% of the stock is owned by institutional investors and hedge funds.

Eli Lilly and Company Price Performance

The business has a 50-day moving average of $911.04 and a two-hundred day moving average of $865.33. The company has a current ratio of 1.11, a quick ratio of 0.87 and a debt-to-equity ratio of 1.74. The firm has a market cap of $778.34 billion, a P/E ratio of 88.53, a price-to-earnings-growth ratio of 3.07 and a beta of 0.42.

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.