Eli Lilly and Company (NYSE:LLY) Stock Price Up 6% Following Strong Earnings

Eli Lilly and Company (NYSE:LLY)’s share price rose 6% on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $795.50 and last traded at $781.40. Approximately 3,705,738 shares changed hands during trading, an increase of 23% from the average daily volume of 3,022,472 shares. The stock had previously closed at $737.20.

The company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.05. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.94 billion. Eli Lilly and Company had a net margin of 17.08% and a return on equity of 59.28%. Eli Lilly and Company’s revenue was up 26.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 EPS.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on LLY shares. Citigroup boosted their price objective on shares of Eli Lilly and Company from $675.00 to $895.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $885.00 price objective (up from $815.00) on shares of Eli Lilly and Company in a report on Tuesday. The Goldman Sachs Group boosted their price objective on shares of Eli Lilly and Company from $650.00 to $723.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Bank of America boosted their price objective on shares of Eli Lilly and Company from $800.00 to $1,000.00 and gave the company a “buy” rating in a report on Friday, March 1st. Finally, Erste Group Bank raised Eli Lilly and Company from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, Eli Lilly and Company presently has an average rating of “Moderate Buy” and a consensus price target of $757.95.

Hedge Funds Weigh In On Eli Lilly and Company

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CNB Bank grew its position in shares of Eli Lilly and Company by 12.6% during the first quarter. CNB Bank now owns 1,099 shares of the company’s stock worth $855,000 after buying an additional 123 shares in the last quarter. Harbor Advisors LLC lifted its stake in Eli Lilly and Company by 80.0% during the first quarter. Harbor Advisors LLC now owns 900 shares of the company’s stock worth $700,000 after purchasing an additional 400 shares during the last quarter. Mckinley Capital Management LLC lifted its stake in Eli Lilly and Company by 10.5% during the first quarter. Mckinley Capital Management LLC now owns 18,654 shares of the company’s stock worth $14,512,000 after purchasing an additional 1,766 shares during the last quarter. Moloney Securities Asset Management LLC lifted its stake in Eli Lilly and Company by 1.8% during the first quarter. Moloney Securities Asset Management LLC now owns 5,284 shares of the company’s stock worth $4,110,000 after purchasing an additional 91 shares during the last quarter. Finally, Rockline Wealth Management LLC lifted its stake in Eli Lilly and Company by 25.2% during the first quarter. Rockline Wealth Management LLC now owns 2,540 shares of the company’s stock worth $1,976,000 after purchasing an additional 511 shares during the last quarter. 82.53% of the stock is owned by institutional investors and hedge funds.

Eli Lilly and Company Stock Performance

The firm has a 50 day moving average of $762.03 and a two-hundred day moving average of $669.96. The stock has a market cap of $738.04 billion, a PE ratio of 114.40, a PEG ratio of 1.58 and a beta of 0.37. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.94 and a quick ratio of 0.73.

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.