Summary: Eli Lilly is a renowned pharmaceutical giant known for Prozac, Cymbalta, and Zyprexa. This guide will show you how to buy Eli Lilly stock with the assistance of a regulated brokerage such as eToro.
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About Eli Lilly
Eli Lilly focuses on advancing medicinal research in neuroscience, oncology, and immunology. It is committed to contributing to global health improvement while establishing a robust market presence by delivering high-quality healthcare products.
The company is a component of the S&P 100 and is ranked 142nd on the Fortune 500 and 201st on the Forbes Global 2000 lists.
How to buy Eli Lilly stock: step-by-step
As a publicly traded company, Eli Lilly allows investments from the general public, and you can freely buy its stock.
You can buy Eli Lilly shares in these five simple steps:
Step 1: Choose a broker
Prior to purchasing the LLY stock, you need to venture into the stock market. An online stock brokerage is the most straightforward way to gain access to stock price speculation.
To securely buy Eli Lilly stock (LLY), we recommend the following:
- Commission-free stock and ETF trading;
- 2,000+ stocks from 17 exchanges;
- Fractional shares available;
- User-friendly platform.
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Invest in 2,800+ stocks and other assets including 70+ cryptocurrencies and commodities.
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eToro USA is registered with FINRA for securities trading.
Different pros and cons set various brokerage platforms apart, mainly depending on personal investing choices. However, some vital criteria still apply to your search regardless of your preferences. Consider the following:
- Range of offerings: Your brokerage should offer shares in Eli Lilly but also have a choice of other financial assets such as different commodities, various stocks, forex, and derivative assets like options, CFDs, and futures. These assets will be helpful when you decide to diversify your portfolio;
- Cost: Today’s brokerages usually provide accounts with no minimum and 0% commission fees for stocks and ETFs. You should not take anything less;
- Regulation and security: Your brokerage has to follow the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regulations. Ensure that the two-factor authentication (2FA) policy and other advanced security measures are included to keep you safe;
- Fractional stock trading: Platforms that feature fractional stock trading allow you to buy stocks by the dollar amount, which benefits those with limited capital or traders seeking to pursue the dollar-cost averaging approach.
Step 2: Open and fund your account
After selecting the brokerage, creating and verifying your account is the next step. The instructions should be in your email inbox within a minute of registering.
Once you complete the verification process, you should transfer some funds to your account. You can buy Eli Lilly stock with the usually available payment options, such as a bank transfer, debit or credit card, and a third-party financial service such as PayPal (PYPL).
Step 3: Decide how much you want to invest in Eli Lilly stock
Figuring out the right amount to invest in Eli Lilly stock is integral to the process, as going beyond what you can afford can have disastrous effects in the worst-case scenario.
To limit the results of an investment failure, introduce the following measures:
- Pay off all high-interest debt, such as credit cards and personal loans;
- Created an emergency fund that covers at least three months of daily life expenses.
Figuring out the sum you want to invest also depends on your investing objectives, risk tolerance, and personal traits.
Remember
Step 4: Place your order and buy Eli Lilly stock
You should now place a trade order to purchase LLY shares. Go through the following steps:
- Step 1: Log into your account and find the company’s ticker LLY on the brokerage platform;
- Step 2: Type in the cash amount or the number of Eli Lilly shares you want to buy;
- Step 3: Select the order type (market order or limit order) and place it;
- Step 4: Confirm the trade order.
Step 5: Monitor and manage your investment
The investing process is not over when you receive the Eli Lilly shares, as you still need to manage and monitor your stock portfolio. Devoting enough attention to maintaining your investment increases your financial undertakings’ efficiency and potential gains.
Keep a close look at the ongoing pharmaceutical trends to accurately predict the direction of the LLY price. Additionally, you have to track Eli Lilly’s media coverage, financial performance, and regulation approvals for its drugs, as these can all profoundly affect the stock’s value.
Eli Lilly stock price today
Pros and cons of buying Eli Lilly stock (LLY)
Pros
- Stable industry: As a pharmaceutical company, Eli Lily maintains a long and steady performance history, coming out of multiple economic crises and staying its course on the market with its evergreen drugs and healthcare products;
- Diverse product portfolio: Eli Lilly has a diverse portfolio of pharmaceutical drugs, including medications for obesity, diabetes, cancer, immunology, and neuroscience, which can help mitigate investing risk;
- Research and innovation: Eli Lilly strongly emphasizes research and development of new pharmaceutical products, which can lead to breakthrough drugs and sustained growth.
Cons
- Regulations: Eli Lilly heavily depends on the FDA and other government regulatory authorities to approve drugs and other healthcare products;
- Patent expirations: Similar to other pharmaceutical companies, Eli Lilly suffers from patent expirations, which can cause potential declines in revenue when core patents lose exclusivity to the company;
- Controversies: The company has been involved in several controversies regarding its drugs, the most infamous being the illegal marketing of Zyprexa, with the criminal case leading to the largest fine imposed on a US company to that date.
Common mistakes to avoid when buying Eli Lilly stock
Make sure to avoid these common investing mistakes:
- Lack of research: Research the company and stock in detail, along with the market state of the pharmaceutical industry, before investing;
- Lack of strategy: Set your goals before you spend any money;
- Staking everything on one asset: Always diversify your portfolio;
- Falling prey to scams: Avoid illegal platforms and suspicious deals.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy Eli Lilly stock
How do I buy Eli Lilly stock?
You can buy LLY stock via a regulated online investing service like eToro.
Should I invest in Eli Lilly stock?
This depends on your preferences, opinion on the future of the company and the pharmaceutical sector in general, and your investing goals. Read the pros and cons of investing in LLY in this guide to help you decide.
Is Eli Lilly a dividend-paying stock?
Yes, Eli Lilly has a decades-long history of paying dividends to its shareholders.
Highly Rated Stock Trading & Investing Platform
-
Invest in 2,800+ stocks and other assets including 70+ cryptocurrencies and commodities.
-
0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
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eToro USA is registered with FINRA for securities trading.
