Eli Lilly and Company (NYSE:LLY) Stock Price Down 8.5% Following Weak Earnings

Eli Lilly and Company (NYSE:LLY)’s stock price fell 8.5% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $825.00 and last traded at $822.58. 4,332,236 shares were traded during mid-day trading, an increase of 26% from the average session volume of 3,437,457 shares. The stock had previously closed at $898.95.

The company reported $3.34 earnings per share for the quarter, missing the consensus estimate of $4.64 by ($1.30). Eli Lilly and Company had a net margin of 23.51% and a return on equity of 85.24%. The company had revenue of $12.73 billion for the quarter, compared to the consensus estimate of $12.77 billion. During the same period in the prior year, the firm posted $2.58 EPS. The business’s revenue was up 45.2% on a year-over-year basis.

Wall Street Analyst Weigh In

LLY has been the topic of several recent research reports. Berenberg Bank set a $970.00 target price on shares of Eli Lilly and Company in a report on Thursday, January 16th. UBS Group reduced their price objective on shares of Eli Lilly and Company from $1,100.00 to $1,050.00 and set a “buy” rating for the company in a research note on Friday. Cantor Fitzgerald started coverage on Eli Lilly and Company in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $975.00 target price on the stock. StockNews.com raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Finally, Leerink Partners set a $950.00 price objective on Eli Lilly and Company in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, Eli Lilly and Company presently has a consensus rating of “Moderate Buy” and an average price target of $1,002.80.

Insider Transactions at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 1,000 shares of Eli Lilly and Company stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $818.24, for a total transaction of $818,240.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,840 shares in the company, valued at approximately $4,778,521.60. This trade represents a 14.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.13% of the company’s stock.

Institutional Investors Weigh In On Eli Lilly and Company

Hedge funds and other institutional investors have recently made changes to their positions in the company. WestEnd Advisors LLC raised its position in shares of Eli Lilly and Company by 210.0% in the first quarter. WestEnd Advisors LLC now owns 31 shares of the company’s stock worth $26,000 after acquiring an additional 21 shares during the period. Highline Wealth Partners LLC grew its holdings in Eli Lilly and Company by 80.0% in the fourth quarter. Highline Wealth Partners LLC now owns 45 shares of the company’s stock valued at $35,000 after purchasing an additional 20 shares during the period. Citizens National Bank Trust Department increased its position in shares of Eli Lilly and Company by 180.0% in the first quarter. Citizens National Bank Trust Department now owns 42 shares of the company’s stock valued at $35,000 after buying an additional 27 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new position in shares of Eli Lilly and Company during the 1st quarter worth approximately $40,000. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of Eli Lilly and Company during the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 82.53% of the company’s stock.

Eli Lilly and Company Stock Up 3.9 %

The stock has a market cap of $782.34 billion, a price-to-earnings ratio of 70.46, a PEG ratio of 1.40 and a beta of 0.51. The business’s 50 day moving average is $825.36 and its 200-day moving average is $816.37. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.97 and a current ratio of 1.15.

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.