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

The Manufacturers Life Insurance Company lifted its stake in shares of Elanco Animal Health Incorporated (NYSE:ELAN) by 6.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,385,467 shares of the company’s stock after acquiring an additional 394,921 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.29% of Elanco Animal Health worth $93,803,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in ELAN. Commerce Bank grew its stake in Elanco Animal Health by 2.2% during the third quarter. Commerce Bank now owns 35,114 shares of the company’s stock worth $516,000 after purchasing an additional 741 shares during the period. 180 Wealth Advisors LLC grew its stake in Elanco Animal Health by 3.6% during the second quarter. 180 Wealth Advisors LLC now owns 25,716 shares of the company’s stock worth $352,000 after purchasing an additional 893 shares during the period. HBK Sorce Advisory LLC grew its stake in Elanco Animal Health by 9.4% during the second quarter. HBK Sorce Advisory LLC now owns 12,920 shares of the company’s stock worth $186,000 after purchasing an additional 1,107 shares during the period. Atomi Financial Group Inc. grew its stake in Elanco Animal Health by 11.1% during the second quarter. Atomi Financial Group Inc. now owns 12,260 shares of the company’s stock worth $177,000 after purchasing an additional 1,221 shares during the period. Finally, Keene & Associates Inc. grew its stake in Elanco Animal Health by 5.7% during the third quarter. Keene & Associates Inc. now owns 22,945 shares of the company’s stock worth $337,000 after purchasing an additional 1,240 shares during the period. 97.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Morgan Stanley cut Elanco Animal Health from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $17.00 to $15.00 in a research note on Thursday, September 19th. Stifel Nicolaus reissued a “buy” rating and issued a $20.00 price objective on shares of Elanco Animal Health in a research note on Thursday, September 19th. Finally, Barclays raised their price objective on Elanco Animal Health from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.14.

Elanco Animal Health Price Performance

ELAN stock opened at $13.13 on Thursday. Elanco Animal Health Incorporated has a twelve month low of $11.40 and a twelve month high of $18.80. The company has a quick ratio of 1.31, a current ratio of 2.55 and a debt-to-equity ratio of 0.66. The stock’s 50 day moving average is $13.66 and its 200-day moving average is $14.69. The firm has a market capitalization of $6.49 billion, a PE ratio of 32.83, a P/E/G ratio of 1.40 and a beta of 1.41.

Elanco Animal Health (NYSE:ELAN) last issued its quarterly 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 for 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%. Elanco Animal Health’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. Sell-side analysts expect that Elanco Animal Health Incorporated will post 0.91 EPS for the current fiscal year.

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.