Canada Pension Plan Investment Board Makes New $55.60 Million Investment in Elanco Animal Health Incorporated (NYSE:ELAN)

Canada Pension Plan Investment Board 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 disclosure with the Securities and Exchange Commission. The firm bought 3,853,017 shares of the company’s stock, valued at approximately $55,599,000. Canada Pension Plan Investment Board owned approximately 0.78% of Elanco Animal Health at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ELAN. Benjamin F. Edwards & Company Inc. grew its position in shares of Elanco Animal Health by 337.7% in the 2nd 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 during the last quarter. XTX Topco Ltd acquired a new stake in Elanco Animal Health in the second quarter valued at approximately $935,000. Vanguard Personalized Indexing Management LLC grew its holdings in Elanco Animal Health by 4.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 52,430 shares of the company’s stock worth $755,000 after purchasing an additional 2,449 shares during the last quarter. Sofinnova Investments Inc. increased its position in shares of Elanco Animal Health by 12.1% during the second quarter. Sofinnova Investments Inc. now owns 2,864,250 shares of the company’s stock worth $41,331,000 after purchasing an additional 308,703 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Elanco Animal Health during the second quarter worth $354,000. 97.48% of the stock is currently owned by hedge funds and other institutional investors.

Elanco Animal Health Price Performance

Shares of NYSE:ELAN opened at $14.07 on Friday. Elanco Animal Health Incorporated has a twelve month low of $8.52 and a twelve 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 market cap of $6.95 billion, a PE ratio of -5.31, a price-to-earnings-growth ratio of 1.44 and a beta of 1.40. The company’s 50 day moving average is $13.95 and its 200 day moving average is $15.15.

Elanco Animal Health (NYSE:ELAN) last issued its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter last year, the company posted $0.18 earnings per share. The firm’s revenue was up 12.0% compared to the same quarter last year. On average, sell-side analysts forecast that Elanco Animal Health Incorporated will post 0.91 EPS for the current year.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Morgan Stanley downgraded Elanco Animal Health from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $17.00 to $15.00 in a research note on Thursday. Stifel Nicolaus restated a “buy” rating and set a $20.00 price target on shares of Elanco Animal Health in a research note on Thursday. Barclays cut their price objective on shares of Elanco Animal Health from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Friday, June 28th. Finally, Piper Sandler lowered their target price on shares of 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $17.29.

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.