Eli Lilly and Company (NYSE:LLY) Trading Down 2.3% After Insider Selling

Eli Lilly and Company (NYSE:LLY) traded down 2.3% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $878.50 and last traded at $893.26. 1,700,378 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 2,924,231 shares. The stock had previously closed at $914.37.

Specifically, major shareholder Lilly Endowment Inc sold 2,052 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $809.00, for a total value of $1,660,068.00. Following the completion of the sale, the insider now directly owns 98,554,195 shares in the company, valued at approximately $79,730,343,755. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Johna Norton sold 7,056 shares of Eli Lilly and Company stock in a transaction on 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 transaction, 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 legal filing with the SEC, which can be accessed through this link. Also, major shareholder Lilly Endowment Inc sold 2,052 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $809.00, for a total transaction of $1,660,068.00. Following the completion of the sale, the insider now directly owns 98,554,195 shares in the company, valued at approximately $79,730,343,755. The disclosure for this sale can be found here. In the last three months, insiders sold 858,742 shares of company stock worth $735,573,781. 0.13% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on LLY shares. Truist Financial restated a “buy” rating and issued a $1,000.00 price objective (up from $892.00) on shares of Eli Lilly and Company in a report on Tuesday, June 25th. JPMorgan Chase & Co. raised their price objective on shares of Eli Lilly and Company from $850.00 to $900.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Bank of America reiterated a “buy” rating and set a $1,000.00 target price on shares of Eli Lilly and Company in a report on Monday, June 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $885.00 target price on shares of Eli Lilly and Company in a research note on Monday. Finally, Argus upped their price target on 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. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $812.72.

Eli Lilly and Company Stock Down 0.9 %

The company has a 50 day moving average price of $821.29 and a two-hundred day moving average price of $745.62. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.35 and a quick ratio of 1.03. The stock has a market cap of $853.56 billion, a PE ratio of 132.27, a PEG ratio of 1.97 and a beta of 0.41.

Eli Lilly and Company (NYSE:LLY) last released its quarterly earnings results on Monday, May 6th. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.05. Eli Lilly and Company had a return on equity of 56.98% and a net margin of 17.08%. The firm had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.94 billion. During the same period last year, the business posted $1.62 EPS. The company’s revenue for the quarter was up 26.0% on a year-over-year basis. Analysts expect that Eli Lilly and Company will post 13.76 EPS for the current year.

Eli Lilly and Company Dividend Announcement

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

Institutional Investors Weigh In On Eli Lilly and Company

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LLY. Lipe & Dalton purchased a new position in shares of Eli Lilly and Company in the fourth quarter valued at about $26,000. Tidemark LLC bought a new position in shares of Eli Lilly and Company during the 4th quarter valued at about $29,000. Core Wealth Advisors Inc. grew its position in shares of Eli Lilly and Company by 188.2% during the fourth quarter. Core Wealth Advisors Inc. now owns 49 shares of the company’s stock valued at $29,000 after purchasing an additional 32 shares in the last quarter. Frank Rimerman Advisors LLC bought a new stake in shares of Eli Lilly and Company in the fourth quarter worth about $37,000. Finally, St. Johns Investment Management Company LLC lifted its position in shares of Eli Lilly and Company by 123.3% in the fourth quarter. St. Johns Investment Management Company LLC now owns 67 shares of the company’s stock worth $39,000 after buying an additional 37 shares in the last quarter. Institutional investors own 82.53% of the company’s stock.

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.