The Manufacturers Life Insurance Company Acquires 394,921 Shares of Elanco Animal Health Incorporated (NYSE:ELAN)

The Manufacturers Life Insurance Company increased its holdings in shares of Elanco Animal Health Incorporated (NYSE:ELAN) by 6.6% during the third quarter, HoldingsChannel.com reports. The fund owned 6,385,467 shares of the company’s stock after buying an additional 394,921 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Elanco Animal Health were worth $93,803,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Benjamin F. Edwards & Company Inc. lifted its position in shares of Elanco Animal Health by 337.7% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,764 shares of the company’s stock valued at $26,000 after buying an additional 1,361 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in Elanco Animal Health during the 3rd quarter worth about $29,000. nVerses Capital LLC bought a new position in Elanco Animal Health in the 2nd quarter worth about $32,000. ORG Partners LLC bought a new position in Elanco Animal Health in the 2nd quarter worth about $31,000. Finally, AM Squared Ltd bought a new position in shares of Elanco Animal Health during the 3rd quarter valued at about $34,000. 97.48% of the stock is currently owned by institutional investors.

Elanco Animal Health Price Performance

Elanco Animal Health stock opened at $13.13 on Thursday. The firm has a market cap of $6.49 billion, a price-to-earnings ratio of 32.83, a PEG ratio of 1.40 and a beta of 1.41. The stock has a fifty day simple moving average of $13.66 and a two-hundred day simple moving average of $14.69. Elanco Animal Health Incorporated has a 12 month low of $11.40 and a 12 month high of $18.80. The company has a current ratio of 2.55, a quick ratio of 1.31 and a debt-to-equity ratio of 0.66.

Elanco Animal Health (NYSE:ELAN) last posted its earnings results on Thursday, November 7th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Elanco Animal Health had a return on equity of 6.78% and a net margin of 4.60%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 EPS. Equities analysts predict that Elanco Animal Health Incorporated will post 0.91 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Stifel Nicolaus reiterated a “buy” rating and set a $20.00 price objective on shares of Elanco Animal Health in a research report on Thursday, September 19th. Barclays increased their price objective on Elanco Animal Health from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Morgan Stanley cut Elanco Animal Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $17.00 to $15.00 in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.14.

About Elanco Animal Health

Elanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures, and markets products for pets and farm animals. It offers pet health disease prevention products, such as parasiticide and vaccine products that protect pets from worms, fleas, and ticks under the Seresto, Advantage, Advantix, and Advocate brands; pet health therapeutics for pain, osteoarthritis, ear infections, cardiovascular, and dermatology indications in canines and felines under the Galliprant and Claro brands; vaccines, antibiotics, parasiticides, and other products for use in poultry and aquaculture production, as well as nutritional health products, including enzymes, probiotics, and prebiotics; and a range of vaccines, antibiotics, implants, parasiticides, and other products used in ruminant and swine production under the Rumensin and Baytril brands.