Eli Lilly and Company (LLY) Lifted to Buy at Zacks Investment Research

Eli Lilly and Company (LLY) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Eli Lilly and Company (NYSE:LLY) from a hold rating to a buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $86.00 price objective on the stock.

According to Zacks, “Lilly’s presence across a wide range of therapeutic areas, along with its animal health business, cushions the company against generic competition. Products like Trajenta, Cialis, Forteo, Strattera, Erbitux and the animal health segment should drive growth while sales of new products like Cyramza, Jardiance, Trulicity, Portrazza, Basaglar and Taltz will pick up pace. Lilly also issued a bullish outlook for 2017. Headwinds include competition from immuno-oncology agents and loss of exclusivity for many drugs in emerging markets. Recently, Lilly’s key candidate, solanezumab, failed in a phase III study, leading to an almost 10% drop in its share price. Nonetheless, though the stock dropped sharper than the large-cap pharma industry in 2016, it has done well in 2017. Estimates moved up lately ahead of the company’s Q4 release. The company has a mixed record of earnings surprises in the recent quarters. “

Other equities analysts have also issued reports about the company. BMO Capital Markets reiterated a buy rating and issued a $94.00 price objective on shares of Eli Lilly and Company in a research note on Monday, October 3rd. Jefferies Group LLC reiterated a buy rating and issued a $100.00 price objective (down from $105.00) on shares of Eli Lilly and Company in a research note on Friday, October 28th. Citigroup Inc. reiterated a buy rating on shares of Eli Lilly and Company in a research note on Tuesday, November 8th. Goldman Sachs Group, Inc. (The) upgraded Eli Lilly and Company from a buy rating to a conviction-buy rating in a research note on Thursday, December 15th. Finally, Leerink Swann reiterated a buy rating and issued a $103.00 price objective on shares of Eli Lilly and Company in a research note on Sunday, October 9th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Eli Lilly and Company has an average rating of Buy and a consensus target price of $87.59.

Shares of Eli Lilly and Company (NYSE:LLY) traded up 0.51% during mid-day trading on Tuesday, hitting $74.96. The company had a trading volume of 857,818 shares. The firm has a market cap of $79.29 billion, a PE ratio of 32.61 and a beta of 0.25. The firm’s 50 day moving average is $73.83 and its 200-day moving average is $77.04. Eli Lilly and Company has a 12-month low of $64.18 and a 12-month high of $83.79.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Shareholders of record on Wednesday, February 15th will be issued a dividend of $0.52 per share. This is an increase from Eli Lilly and Company’s previous quarterly dividend of $0.51. The ex-dividend date is Monday, February 13th. This represents a $2.08 annualized dividend and a yield of 2.79%. Eli Lilly and Company’s dividend payout ratio is currently 88.70%.

In other Eli Lilly and Company news, SVP Susan Mahony sold 20,242 shares of the company’s stock in a transaction on Friday, December 16th. The stock was sold at an average price of $72.65, for a total transaction of $1,470,581.30. Following the transaction, the senior vice president now owns 67,802 shares of the company’s stock, valued at approximately $4,925,815.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Melissa S. Barnes sold 2,093 shares of the company’s stock in a transaction on Friday, December 16th. The stock was sold at an average price of $82.23, for a total value of $172,107.39. Following the transaction, the insider now directly owns 8,169 shares in the company, valued at approximately $671,736.87. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 222,335 shares of company stock worth $16,160,689. Company insiders own 0.20% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Garrison Financial Corp increased its position in Eli Lilly and Company by 1.0% in the second quarter. Garrison Financial Corp now owns 8,400 shares of the company’s stock worth $661,000 after buying an additional 80 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its position in Eli Lilly and Company by 0.9% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 91,695 shares of the company’s stock worth $7,221,000 after buying an additional 829 shares during the period. First Midwest Bank Trust Division increased its position in Eli Lilly and Company by 9.0% in the second quarter. First Midwest Bank Trust Division now owns 45,837 shares of the company’s stock worth $3,610,000 after buying an additional 3,779 shares during the period. Bartlett & Co. LLC increased its position in Eli Lilly and Company by 27.5% in the second quarter. Bartlett & Co. LLC now owns 9,671 shares of the company’s stock worth $762,000 after buying an additional 2,083 shares during the period. Finally, Pointe Capital Management LLC increased its position in Eli Lilly and Company by 64.7% in the second quarter. Pointe Capital Management LLC now owns 6,366 shares of the company’s stock worth $501,000 after buying an additional 2,500 shares during the period. 74.88% of the stock is currently owned by institutional investors.

Eli Lilly and Company Company Profile

Eli Lilly and Company is engaged in drug manufacturing business. The Company discovers, develops, manufactures and markets products in two segments: human pharmaceutical products and animal health products. The Company’s human pharmaceutical business segment sells medicines, which are discovered or developed by its scientists.

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