Citigroup Inc. Downgrades Eli Lilly and to Neutral (LLY)
Eli Lilly and (NYSE:LLY) was downgraded by research analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a report released on Thursday, TheFlyOnTheWall.com reports. They currently have a $68.00 target price on the stock, up from their previous target price of $60.00. Citigroup Inc.’s price target suggests a potential upside of 12.06% from the company’s current price.
In other Eli Lilly and news, major shareholder Lilly Endowment Inc sold 250,000 shares of Eli Lilly and stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $63.03, for a total transaction of $15,757,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Eli Lilly and (NYSE:LLY) traded down 0.62% during mid-day trading on Thursday, hitting $60.68. 6,884,679 shares of the company’s stock traded hands. Eli Lilly and has a 1-year low of $47.53 and a 1-year high of $65.70. The stock has a 50-day moving average of $62.28 and a 200-day moving average of $58.97. The company has a market cap of $65.031 billion and a price-to-earnings ratio of 19.39. Eli Lilly and also saw a large drop in short interest in July. As of July 15th, there was short interest totalling 19,160,146 shares, a drop of 11.4% from the June 30th total of 21,636,995 shares. Based on an average daily volume of 3,091,827 shares, the short-interest ratio is presently 6.2 days. Currently, 1.9% of the shares of the stock are short sold.
Eli Lilly and (NYSE:LLY) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.68 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.65 by $0.03. The company had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.88 billion. During the same quarter last year, the company posted $1.16 earnings per share. Eli Lilly and’s revenue was down 16.8% compared to the same quarter last year. On average, analysts predict that Eli Lilly and will post $2.78 earnings per share for the current fiscal year.
LLY has been the subject of a number of other recent research reports. Analysts at Argus raised their price target on shares of Eli Lilly and from $64.00 to $72.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Eli Lilly and in a research note on Friday, July 25th. They now have a $68.00 price target on the stock. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Eli Lilly and in a research note on Monday, July 14th. They now have a $65.00 price target on the stock, up previously from $60.00. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $64.14.
Eli Lilly and Company discovers, develops, manufactures, and sells products, in one business segment, pharmaceutical products.
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