There is a lot more to this than you have currently given. Both a lat/long point and your map have a specific spatial reference. If they do not match, it is likely your point will plot in an unexpected way.
The point you are showing is a standard Latitude/Longitude point. Which is likely Nad83 (North American), or WGS84 (World). These are Spatial References with a Geographical Coordinate System. You are likely trying to plot the point on a Projected Coordinate System.
You need to make your MapControl's Spatial Reference match the types of points you are trying to plot.
Since I do not know the Spatial Reference of your Map, I can only give you an example of translating a Lat/Lon into what the MapControl's current spatial reference is.
ISpatialReferenceFactory srFactory = new SpatialReferenceEnvironmentClass();
IGeographicCoordinateSystem gcs = srFactory.CreateGeographicCoordinateSystem((int)esriSRGeoCSType.esriSRGeoCS_WGS1984);
ISpatialReference sr1 = gcs;
IPoint point = new PointClass() as IPoint;
point.PutCoords(-92.96000, 44.9227);
IGeometry geometryShape;
geometryShape = point;
geometryShape.SpatialReference = sr1;
geometryShape.Project(mapControl.SpatialReference);
mapControl.DrawShape(geometryShape);
This takes your point and projects it to the MapControls current spatial reference, then plots the point.
Good Luck.