Eli Lilly and Company (NYSE:LLY) Sees Strong Trading Volume After Strong Earnings

Shares of Eli Lilly and Company (NYSE:LLY) saw unusually-high trading volume on Friday after the company announced better than expected quarterly earnings. Approximately 1,394,986 shares changed hands during mid-day trading, a decline of 54% from the previous session’s volume of 3,056,188 shares.The stock last traded at $892.47 and had previously closed at $845.31.

The company reported $3.92 EPS for the quarter, topping the consensus estimate of $2.64 by $1.28. The business had revenue of $11.30 billion during the quarter, compared to the consensus estimate of $9.83 billion. Eli Lilly and Company had a net margin of 17.08% and a return on equity of 56.98%.

Eli Lilly and Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th will be paid a $1.30 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $5.20 annualized dividend and a dividend yield of 0.58%. Eli Lilly and Company’s dividend payout ratio (DPR) is 76.58%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LLY. Argus boosted their target price on shares of Eli Lilly and Company from $770.00 to $840.00 and gave the stock a “buy” rating in a research note on Tuesday, May 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $885.00 target price on shares of Eli Lilly and Company in a research note on Monday. Barclays boosted their target price on shares of Eli Lilly and Company from $913.00 to $1,025.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. The Goldman Sachs Group boosted their target price on shares of Eli Lilly and Company from $650.00 to $723.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Eli Lilly and Company from $900.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $888.11.

Insider Activity

In other news, major shareholder Lilly Endowment Inc sold 92,563 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $809.21, for a total value of $74,902,905.23. Following the completion of the sale, the insider now directly owns 98,556,247 shares of the company’s stock, valued at $79,752,700,634.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Johna Norton sold 7,056 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $819.38, for a total value of $5,781,545.28. Following the completion of the sale, the executive vice president now directly owns 25,428 shares of the company’s stock, valued at $20,835,194.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Lilly Endowment Inc sold 92,563 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $809.21, for a total transaction of $74,902,905.23. Following the completion of the sale, the insider now directly owns 98,556,247 shares of the company’s stock, valued at $79,752,700,634.87. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,214,704 shares of company stock valued at $1,066,841,316. Insiders own 0.13% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Lynx Investment Advisory purchased a new position in Eli Lilly and Company during the second quarter worth about $32,000. LGT Financial Advisors LLC purchased a new position in Eli Lilly and Company during the second quarter worth about $36,000. Lipe & Dalton purchased a new position in Eli Lilly and Company during the fourth quarter worth about $26,000. Morton Brown Family Wealth LLC raised its holdings in Eli Lilly and Company by 45.5% during the second quarter. Morton Brown Family Wealth LLC now owns 48 shares of the company’s stock worth $41,000 after purchasing an additional 15 shares in the last quarter. Finally, Core Wealth Advisors Inc. raised its holdings in Eli Lilly and Company by 188.2% during the fourth quarter. Core Wealth Advisors Inc. now owns 49 shares of the company’s stock worth $29,000 after purchasing an additional 32 shares in the last quarter. 82.53% of the stock is owned by hedge funds and other institutional investors.

Eli Lilly and Company Stock Up 6.2 %

The stock has a market capitalization of $853.52 billion, a PE ratio of 131.78, a PEG ratio of 1.81 and a beta of 0.41. The firm’s fifty day moving average is $869.64 and its 200-day moving average is $792.50. The company has a quick ratio of 1.03, a current ratio of 1.35 and a debt-to-equity ratio of 1.90.

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.