Eli Lilly & Co. (LLY) announced a 14.9% hike in its quarterly dividend to $0.85 per share from $0.74. The pharmaceutical company said that the new dividend is for the first quarter of 2021 and will be paid on Mar. 10, 2021, to shareholders of record as of Feb. 12, 2021.
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Eli Lilly’s annual dividend of $3.40 per share now reflects a dividend yield of 2.2%.
Earlier this month, Eli Lilly joined hands with insurer UnitedHealth Group to conduct a pragmatic study that seeks to treat high-risk COVID-19 patients with investigational antibody treatment, bamlanivimab, in order to reduce the severity of illness and hospitalizations. (See LLY stock analysis on TipRanks)
On Dec. 10, Wolfe Research analyst Tim Anderson upgraded the stock from Hold to Buy and lifted the price target to $183 (15.9% upside potential) from $147, “partly on the back of tirzepatide de-risking following the first (positive) ph3 read out.”
Meanwhile, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 7 Buys and 3 Holds. The average price target stands at $172.80 and implies upside potential of about 9.4% to current levels. Shares have gained 20.2% year-to-date.
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