Elanco Animal Health (NYSE:ELAN) Rating Lowered to Equal Weight at Morgan Stanley

Elanco Animal Health (NYSE:ELAN) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $15.00 price objective on the stock, down from their prior price objective of $17.00. Morgan Stanley’s price target points to a potential upside of 6.61% from the stock’s current price.

ELAN has been the subject of several other reports. Piper Sandler lowered their price objective on shares of Elanco Animal Health from $19.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, July 1st. Barclays lowered their price objective on shares of Elanco Animal Health from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Friday, June 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.29.

Elanco Animal Health Price Performance

ELAN stock opened at $14.07 on Thursday. Elanco Animal Health has a 12 month low of $8.52 and a 12 month high of $18.80. The company has a current ratio of 2.93, a quick ratio of 1.75 and a debt-to-equity ratio of 0.92. The company has a 50-day moving average price of $13.95 and a 200 day moving average price of $15.17. The stock has a market cap of $6.95 billion, a PE ratio of -5.31, a P/E/G ratio of 1.44 and a beta of 1.40.

Elanco Animal Health (NYSE:ELAN) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.06. Elanco Animal Health had a negative net margin of 27.94% and a positive return on equity of 7.29%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company earned $0.18 EPS. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. Equities research analysts anticipate that Elanco Animal Health will post 0.91 earnings per share for the current year.

Insider Activity

In other Elanco Animal Health news, Director Michael J. Harrington purchased 3,500 shares of Elanco Animal Health stock in a transaction dated Thursday, August 22nd. The stock was acquired at an average price of $14.85 per share, for a total transaction of $51,975.00. Following the acquisition, the director now owns 81,094 shares in the company, valued at approximately $1,204,245.90. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other Elanco Animal Health news, Director Michael J. Harrington purchased 3,500 shares of Elanco Animal Health stock in a transaction dated Thursday, August 22nd. The stock was acquired at an average price of $14.85 per share, for a total transaction of $51,975.00. Following the acquisition, the director now owns 81,094 shares in the company, valued at approximately $1,204,245.90. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jeffrey N. Simmons purchased 100,000 shares of Elanco Animal Health stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $13.01 per share, with a total value of $1,301,000.00. Following the acquisition, the chief executive officer now owns 145,000 shares in the company, valued at approximately $1,886,450. The disclosure for this purchase can be found here. Company insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in shares of Elanco Animal Health during the 2nd quarter worth approximately $781,000. Dana Investment Advisors Inc. raised its stake in shares of Elanco Animal Health by 6.2% during the 2nd quarter. Dana Investment Advisors Inc. now owns 252,019 shares of the company’s stock worth $3,637,000 after acquiring an additional 14,653 shares in the last quarter. Truist Financial Corp grew its position in Elanco Animal Health by 47.7% during the 2nd quarter. Truist Financial Corp now owns 62,964 shares of the company’s stock worth $909,000 after purchasing an additional 20,341 shares during the last quarter. Brandes Investment Partners LP grew its position in Elanco Animal Health by 1.3% during the 2nd quarter. Brandes Investment Partners LP now owns 2,945,967 shares of the company’s stock worth $42,445,000 after purchasing an additional 36,944 shares during the last quarter. Finally, Quarry LP purchased a new stake in Elanco Animal Health during the 2nd quarter worth approximately $40,000. Institutional investors own 97.48% of the company’s stock.

Elanco Animal Health Company Profile

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.