Zacks Investment Research Upgrades Eli Lilly and Co. (LLY) to “Buy”
Eli Lilly and Co. (NYSE:LLY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $89.00 price objective on the stock. Zacks Investment Research’s price target points to a potential upside of 10.27% from the company’s previous close.
According to Zacks, “Eli Lilly’s presence across a wide range of therapeutic areas and its animal health business provide support in the face of generic competition. Lilly expects to launch 20 new products in a 10 year time-frame ranging from 2014 to 2023 and could launch at least two new indications/line extensions on an average every year. Products like Humalog, Trajenta, Cialis, Forteo, Strattera, Erbitux, and the animal health segment should drive growth while revenues from new products like Cyramza, Trulicity, Jardiance, Portrazza and Basaglar will pick up. Moreover, Lilly expects to resume annual dividend increases starting Dec 2016 and to return excess cash through share buybacks. However, Alimta will continue to be impacted by competition. Headwinds include competition from immuno-oncology agents as well as loss of exclusivity for many drugs in the emerging markets.”
Other research analysts have also recently issued research reports about the company. Leerink Swann restated a “buy” rating on shares of Eli Lilly and in a research note on Sunday, June 26th. Morgan Stanley restated a “hold” rating and set a $88.00 price objective on shares of Eli Lilly and in a research note on Saturday, June 4th. Argus boosted their price objective on Eli Lilly and from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. BMO Capital Markets restated a “buy” rating and set a $94.00 price objective on shares of Eli Lilly and in a research note on Wednesday, July 27th. Finally, Citigroup Inc. restated a “buy” rating on shares of Eli Lilly and in a research note on Wednesday, August 3rd. Two equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $97.16.
Eli Lilly and (NYSE:LLY) opened at 80.71 on Tuesday. Eli Lilly and has a 1-year low of $67.88 and a 1-year high of $88.48. The stock has a market cap of $85.37 billion, a P/E ratio of 34.79 and a beta of 0.20. The company’s 50-day moving average price is $79.27 and its 200-day moving average price is $77.04.
Eli Lilly and (NYSE:LLY) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.86 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.86. The company had revenue of $5.40 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Eli Lilly and had a return on equity of 23.99% and a net margin of 11.97%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Analysts predict that Eli Lilly and will post $3.59 EPS for the current year.
In other news, Director Jackson P. Tai purchased 2,560 shares of the firm’s stock in a transaction on Friday, August 12th. The stock was purchased at an average cost of $80.42 per share, with a total value of $205,875.20. Following the purchase, the director now owns 42,110 shares in the company, valued at approximately $3,386,486.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jackson P. Tai purchased 5,773 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were purchased at an average cost of $80.43 per share, with a total value of $464,322.39. Following the completion of the purchase, the director now owns 42,306 shares in the company, valued at approximately $3,402,671.58. The disclosure for this purchase can be found here. 0.20% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of LLY. Vanguard Group Inc. raised its position in shares of Eli Lilly and by 2.2% in the second quarter. Vanguard Group Inc. now owns 63,236,677 shares of the company’s stock worth $4,979,889,000 after buying an additional 1,350,329 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Eli Lilly and by 2.5% in the second quarter. Franklin Resources Inc. now owns 28,430,876 shares of the company’s stock worth $2,238,939,000 after buying an additional 685,898 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Eli Lilly and by 1.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 26,674,046 shares of the company’s stock worth $2,100,581,000 after buying an additional 289,681 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Eli Lilly and by 3.0% in the second quarter. JPMorgan Chase & Co. now owns 23,184,616 shares of the company’s stock worth $1,825,790,000 after buying an additional 668,184 shares during the last quarter. Finally, BlackRock Fund Advisors raised its position in shares of Eli Lilly and by 2.8% in the second quarter. BlackRock Fund Advisors now owns 17,206,391 shares of the company’s stock worth $1,355,003,000 after buying an additional 475,012 shares during the last quarter. 74.96% of the stock is owned by hedge funds and other institutional investors.
About Eli Lilly and
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.
Receive News & Stock Ratings for Eli Lilly and Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eli Lilly and Co. and related stocks with our FREE daily email newsletter.