Eli Lilly and Company (NYSE:LLY) Stock Price Down 1% - Here's Why

Eli Lilly and Company (NYSE:LLY) saw its stock price decrease by 1% on Thursday. The shares traded as low as $890.70 before closing slightly higher at $894.54. During mid-day trading, approximately 504,112 shares changed hands, marking an 83% drop compared to the average daily volume of 2,956,188 shares. The previous close for the stock was $903.25.

Wall Street Analyst Weigh In

Several research firms have recently updated their ratings on Eli Lilly. Guggenheim raised their target price from $884.00 to $1,030.00 and gave the company a "buy" rating. BMO Capital Markets also increased their target price from $1,001.00 to $1,101.00, issuing an "outperform" rating. Deutsche Bank reaffirmed a "buy" rating with a target price of $1,025.00. Evercore ISI upgraded the stock to a "hold" rating while Morgan Stanley set a price objective of $1,106.00. Overall, among analysts, three rated the stock as a hold while seventeen recommended a buy. According to MarketBeat.com, Eli Lilly currently holds an average rating of "Moderate Buy" with an average target price of $1,002.24.

Eli Lilly and Company Price Performance

The stock boasts a market capitalization of $848.34 billion and displays a price-to-earnings ratio of 131.74. The company's PEG ratio stands at 2.79, and its beta is 0.42. Eli Lilly's current ratio is 1.11, while its quick ratio is 0.87, with a debt-to-equity ratio of 1.74. The stock's 50-day moving average is $921.12, while its 200-day moving average is $860.74.

The last quarterly earnings data was posted on August 8th, where Eli Lilly reported earnings per share of $3.92, surpassing analysts' consensus estimate of $2.64 by $1.28. The company recorded a net margin of 18.86% and a return on equity of 67.52%. Revenue for the quarter reached $11.30 billion, exceeding predictions of $9.83 billion. On average, analysts expect Eli Lilly to report earnings of $16.49 per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently adjusted their positions in Eli Lilly. Vanguard Group increased its stake by 1.6%, now owning 72,745,011 shares valued at approximately $56.59 billion, having added an additional 1,133,810 shares. International Assets Investment Management made a significant move by boosting its holdings by 87,091.7%, currently possessing 12,463,182 shares valued at $11.04 billion, which involved purchasing 12,448,888 additional shares. Capital Research Global Investors increased its stake by 6%, now holding 8,031,531 shares worth about $6.25 billion. Meanwhile, Capital International Investors enhanced its position by 5.1%, while GQG Partners LLC raised its stake by 20.2%. Overall, institutional investors control 82.53% of Eli Lilly's shares.

About Eli Lilly and Company

Eli Lilly and Company specializes in the discovery, development, and marketing of human pharmaceuticals across the globe. The company offers a variety of medications, including Basaglar, Humalog, and Trulicity for diabetes management, and Zepbound for obesity among others.

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