Elanco Animal Health (NYSE:ELAN) Trading Down 3.4% – Here’s What Happened

Elanco Animal Health Incorporated (NYSE:ELAN) shares dropped 3.4% during trading on Wednesday . The company traded as low as $13.27 and last traded at $13.48. Approximately 1,113,151 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 4,745,842 shares. The stock had previously closed at $13.95.

Analysts Set New Price Targets

ELAN has been the topic of several recent research reports. Piper Sandler reduced their price target on Elanco Animal Health from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, July 1st. Barclays lifted their price target on shares of Elanco Animal Health from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Morgan Stanley cut shares of Elanco Animal Health from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $17.00 to $15.00 in a report on Thursday, September 19th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $20.00 price target on shares of Elanco Animal Health in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.43.

Elanco Animal Health Trading Down 3.9 %

The firm has a market capitalization of $6.63 billion, a PE ratio of -5.26, a P/E/G ratio of 1.53 and a beta of 1.40. The firm has a 50 day simple moving average of $14.46 and a 200 day simple moving average of $14.94. The company has a current ratio of 2.93, a quick ratio of 1.75 and a debt-to-equity ratio of 0.92.

Elanco Animal Health (NYSE:ELAN) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.06. Elanco Animal Health had a positive return on equity of 7.29% and a negative net margin of 27.94%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 12.0% on a year-over-year basis. Equities analysts expect that Elanco Animal Health Incorporated will post 0.91 earnings per share for the current fiscal year.

Insider Activity at Elanco Animal Health

In other news, CEO Jeffrey N. Simmons purchased 100,000 shares of the stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $13.01 per share, with a total value of $1,301,000.00. Following the acquisition, the chief executive officer now directly owns 145,000 shares of the company’s stock, valued at $1,886,450. This represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Jeffrey N. Simmons purchased 100,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $13.01 per share, for a total transaction of $1,301,000.00. Following the purchase, the chief executive officer now directly owns 145,000 shares in the company, valued at $1,886,450. This trade represents a 200.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Harrington acquired 3,500 shares of the 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 purchase, the director now directly owns 81,094 shares in the company, valued at approximately $1,204,245.90. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ELAN. Vanguard Group Inc. increased its holdings in Elanco Animal Health by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 49,468,637 shares of the company’s stock worth $737,083,000 after acquiring an additional 467,196 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Elanco Animal Health by 4.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 22,139,018 shares of the company’s stock worth $360,425,000 after purchasing an additional 852,281 shares in the last quarter. Ancora Advisors LLC raised its position in shares of Elanco Animal Health by 1.4% during the 1st quarter. Ancora Advisors LLC now owns 10,641,194 shares of the company’s stock valued at $173,239,000 after purchasing an additional 143,326 shares during the period. Magnetar Financial LLC lifted its stake in shares of Elanco Animal Health by 61.2% during the 2nd quarter. Magnetar Financial LLC now owns 8,336,657 shares of the company’s stock valued at $120,298,000 after buying an additional 3,164,350 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Elanco Animal Health by 11.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,990,546 shares of the company’s stock worth $86,444,000 after buying an additional 609,194 shares during the period. Hedge funds and other institutional investors own 97.48% of the company’s stock.

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.