Eli Lilly and Company (NYSE:LLY) Stock Jumps 1.5% Following Analyst Upgrade

Eli Lilly and Company (NYSE:LLY)’s stock price was up 1.5% during trading on Tuesday after Jefferies Financial Group raised their price target on the stock from $1,610.00 to $1,700.00. Jefferies Financial Group currently has a buy rating on the stock. Eli Lilly and Company traded as high as $1,438.88 and last traded at $1,432.6010. Approximately 2,817,047 shares were traded during mid-day trading, a decline of 5% from the average session volume of 2,963,164 shares. The stock had previously closed at $1,411.95.

Several other research firms also recently commented on LLY. The Goldman Sachs Group reissued a “buy” rating and issued a $1,413.00 target price on shares of Eli Lilly and Company in a research report on Tuesday, October 20th. HSBC lifted their price objective on shares of Eli Lilly and Company from $850.00 to $940.00 and gave the company a “reduce” rating in a research note on Thursday, September 10th. BMO Capital Markets reiterated an “outperform” rating and issued a $1,650.00 price objective on shares of Eli Lilly and Company in a report on Friday, October 30th. Cantor Fitzgerald increased their target price on shares of Eli Lilly and Company from $1,440.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Finally, Berenberg Bank upgraded Eli Lilly and Company from a “hold” rating to a “buy” rating and set a $1,400.00 target price on the stock in a report on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,416.64.

Insider Buying and Selling

In related news, EVP Anat Hakim sold 5,000 shares of Eli Lilly and Company stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $1,402.52, for a total value of $7,012,600.00. Following the transaction, the executive vice president owned 4,137 shares in the company, valued at $5,802,225.24. This trade represents a 54.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrik Jonsson sold 6,500 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $1,175.10, for a total transaction of $7,638,150.00. Following the sale, the executive vice president owned 54,147 shares of the company’s stock, valued at $63,628,139.70. This trade represents a 10.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.14% of the company’s stock.

More Eli Lilly and Company News

Here are the key news stories impacting Eli Lilly and Company this week:

• Positive Sentiment: Lilly reported positive Phase 3 results for its obesity pill Foundayo in obstructive sleep apnea: it reduced sleep-apnea breathing interruptions by up to an average of 44%. The company plans to seek U.S. approval for this additional use by year-end, potentially broadening the drug’s market beyond weight loss. Reuters: Lilly’s weight-loss pill meets main goal in late-stage sleep apnea study
• Positive Sentiment: Jefferies raised its price target to $1,700 from $1,610 and maintained a Buy rating, signaling greater analyst optimism about Lilly’s prospects. MarketBeat: Jefferies price target update
• Positive Sentiment: Lilly’s agreements with Hims & Hers and LifeMD are intended to widen nationwide digital access to branded Zepbound and Foundayo. This could expand prescription and delivery channels; the partnerships exclude compounded GLP-1 products. Yahoo Finance: Lilly opens digital access to obesity drugs
• Negative Sentiment: The FDA is requiring makers of GLP-1 drugs to add a warning about a potential association with NAION, a rare eye condition that can cause sudden, sometimes permanent, vision loss. The labeling change could raise safety concerns among patients and prescribers, although the condition is rare. CNBC: FDA warns of vision loss risk linked to GLP-1 drugs

Institutional Trading of Eli Lilly and Company

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE bought a new stake in Eli Lilly and Company during the second quarter worth about $13,522,666,000. Jupiter Topco LLC bought a new position in shares of Eli Lilly and Company in the second quarter valued at approximately $4,667,180,000. Corient Private Wealth LP acquired a new position in shares of Eli Lilly and Company in the 2nd quarter worth approximately $764,116,000. BlackRock Inc. boosted its holdings in shares of Eli Lilly and Company by 1.6% in the 2nd quarter. BlackRock Inc. now owns 67,540,400 shares of the company’s stock worth $81,009,981,000 after acquiring an additional 1,046,558 shares in the last quarter. Finally, State Street Corp grew its position in Eli Lilly and Company by 1.7% during the 2nd quarter. State Street Corp now owns 36,215,754 shares of the company’s stock worth $43,438,262,000 after acquiring an additional 605,752 shares during the last quarter. Institutional investors and hedge funds own 82.53% of the company’s stock.

Eli Lilly and Company Price Performance

The stock has a fifty day moving average of $1,220.13 and a two-hundred day moving average of $1,102.83. The company has a current ratio of 1.39, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $1.35 trillion, a price-to-earnings ratio of 46.50, a PEG ratio of 1.77 and a beta of 0.40.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Thursday, October 29th. The company reported $7.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.71 by $1.77. The business had revenue of $24.40 billion during the quarter, compared to analysts’ expectations of $22.58 billion. Eli Lilly and Company had a return on equity of 86.76% and a net margin of 31.90%. The firm’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same period in the previous year, the business posted $7.02 earnings per share. As a group, equities research analysts forecast that Eli Lilly and Company will post 35.70 earnings per share for the current year.

Eli Lilly and Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 13th will be paid a $1.73 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 0.5%. Eli Lilly and Company’s payout ratio is currently 22.46%.

Eli Lilly and Company Company Profile

Eli Lilly and Company is a global pharmaceutical company that discovers, develops, manufactures and markets medicines for people and animals. Its work spans areas including diabetes and obesity, cancer, immunology, neuroscience and pain management. The company’s medicines include treatments for diabetes and obesity, such as Mounjaro and Zepbound, as well as products for cancer and other conditions. Lilly also conducts research into new medicines and invests in the development of treatments across its therapeutic areas.