Hedges Asset Management LLC Purchases 24,100 Shares of Elanco Animal Health Incorporated (NYSE:ELAN)

Hedges Asset Management LLC grew its position in shares of Elanco Animal Health Incorporated (NYSE:ELAN) by 33.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 95,500 shares of the company’s stock after buying an additional 24,100 shares during the period. Hedges Asset Management LLC’s holdings in Elanco Animal Health were worth $1,403,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. grew its holdings in Elanco Animal Health by 337.7% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,764 shares of the company’s stock worth $26,000 after buying an additional 1,361 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in Elanco Animal Health during the third quarter worth $29,000. nVerses Capital LLC bought a new stake in Elanco Animal Health during the second quarter worth $32,000. ORG Partners LLC bought a new stake in Elanco Animal Health during the second quarter worth $31,000. Finally, Quarry LP bought a new stake in Elanco Animal Health during the second quarter worth $40,000. Institutional investors own 97.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ELAN shares. Barclays boosted their price objective on Elanco Animal Health from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Stifel Nicolaus reissued a “buy” rating and issued a $20.00 price objective on shares of Elanco Animal Health in a research report on Thursday, September 19th. Piper Sandler cut their price objective on Elanco Animal Health from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, July 1st. Finally, Morgan Stanley cut 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 research report on Thursday, September 19th. 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 MarketBeat, Elanco Animal Health currently has an average rating of “Hold” and a consensus price target of $17.43.

Elanco Animal Health Stock Up 0.2 %

Shares of NYSE ELAN opened at $12.41 on Monday. Elanco Animal Health Incorporated has a one year low of $8.52 and a one year high of $18.80. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.93 and a quick ratio of 1.75. The business’s fifty day moving average price is $14.32 and its 200-day moving average price is $14.79. The stock has a market capitalization of $6.13 billion, a PE ratio of -4.87, a P/E/G ratio of 1.32 and a beta of 1.40.

Elanco Animal Health (NYSE:ELAN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.30 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 analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm earned $0.18 EPS. The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. On average, equities research analysts anticipate that Elanco Animal Health Incorporated will post 0.91 EPS for the current year.

Insider Buying and Selling

In related news, Director Michael J. Harrington acquired 3,500 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were acquired at an average price of $14.85 per share, with a total value of $51,975.00. Following the acquisition, the director now owns 81,094 shares of the company’s stock, valued at approximately $1,204,245.90. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Elanco Animal Health news, CEO Jeffrey N. Simmons bought 100,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were 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 of the company’s stock, valued at $1,886,450. The trade was a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael J. Harrington bought 3,500 shares of the firm’s stock in a transaction on 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 completion of the purchase, the director now directly owns 81,094 shares in the company, valued at approximately $1,204,245.90. The trade was 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 currently owned by insiders.

Elanco Animal Health 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.