Renaissance Technologies LLC Buys New Position in Elanco Animal Health Incorporated (NYSE:ELAN)

Renaissance Technologies LLC bought a new stake in shares of Elanco Animal Health Incorporated (NYSE:ELAN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 24,544 shares of the company’s stock, valued at approximately $354,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Virtu Financial LLC bought a new position in Elanco Animal Health in the fourth quarter worth approximately $368,000. Vanguard Group Inc. boosted its holdings in Elanco Animal Health by 1.0% in the fourth 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. Sanders Morris Harris LLC bought a new position in Elanco Animal Health in the first quarter worth approximately $6,614,000. Mcdonald Partners LLC bought a new position in Elanco Animal Health in the first quarter worth approximately $358,000. Finally, Hedeker Wealth LLC boosted its holdings in Elanco Animal Health by 6.4% in the first quarter. Hedeker Wealth LLC now owns 82,652 shares of the company’s stock worth $1,346,000 after acquiring an additional 4,995 shares in the last quarter. Institutional investors own 97.48% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ELAN. Piper Sandler lowered their price objective on Elanco Animal Health from $19.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, July 1st. Barclays increased their price objective on Elanco Animal Health from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Morgan Stanley downgraded Elanco Animal Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $17.00 to $15.00 in a research note on Thursday, September 19th. Finally, 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. One research 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. Based on data from MarketBeat, Elanco Animal Health currently has a consensus rating of “Hold” and an average target price of $17.43.

Insiders Place Their Bets

In related news, Director Michael J. Harrington purchased 3,500 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was purchased at an average cost of $14.85 per share, with a total value of $51,975.00. Following the completion of the acquisition, the director now directly owns 81,094 shares of the company’s stock, valued at approximately $1,204,245.90. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other Elanco Animal Health news, CEO Jeffrey N. Simmons acquired 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $13.01 per share, with a total value of $1,301,000.00. Following the completion of the purchase, the chief executive officer now owns 145,000 shares of the company’s stock, valued at approximately $1,886,450. This represents a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 cost of $14.85 per share, with a total value of $51,975.00. Following the purchase, the director now directly owns 81,094 shares of the company’s stock, valued at $1,204,245.90. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.57% of the company’s stock.

Elanco Animal Health Stock Performance

Shares of ELAN opened at $14.34 on Friday. 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 stock has a 50 day moving average of $14.38 and a 200 day moving average of $14.99. Elanco Animal Health Incorporated has a 12 month low of $8.52 and a 12 month high of $18.80. The company has a market capitalization of $7.09 billion, a price-to-earnings ratio of -5.62, a PEG ratio of 1.53 and a beta of 1.40.

Elanco Animal Health (NYSE:ELAN) last released its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business posted $0.18 earnings per share. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. As a group, sell-side analysts forecast that Elanco Animal Health Incorporated will post 0.91 earnings per share for the current year.

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.