Elanco Animal Health Incorporated (NYSE: MOMENTUM – Get a rating) benefited from a significant drop in short-term interest rates in July. As of July 31, there was short interest totaling 13,630,000 shares, down 7.5% from the July 15 total of 14,740,000 shares. Based on an average trading volume of 4,900,000 shares, the day-to-cover ratio is currently 2.8 days. Currently, 2.9% of the company’s shares are sold short.
Insider buying and selling
In other Elanco Animal Health news, Director David Hoover acquired 10,000 shares of the company in a transaction that took place on Friday, May 20. The shares were purchased at an average price of $23.33 per share, for a total transaction of $233,300.00. Following the completion of the purchase, the administrator now directly owns 125,000 shares of the company, valued at $2,916,250. The acquisition was disclosed in a filing with the Securities & Exchange Commission, available at this link. 6.40% of the shares are held by insiders of the company.
Institutional investors weigh in on Elanco Animal Health
Several hedge funds have recently changed their stock holdings. CKW Financial Group increased its equity stake in Elanco Animal Health by 36.4% during the first quarter. CKW Financial Group now owns 1,500 shares of the company valued at $39,000 after buying an additional 400 shares in the last quarter. MAI Capital Management increased its equity stake in Elanco Animal Health by 7.1% during the fourth quarter. MAI Capital Management now owns 7,092 shares of the company valued at $201,000 after buying 473 additional shares in the last quarter. LVW Advisors LLC increased its position in Elanco Animal Health by 2.9% during the second quarter. LVW Advisors LLC now owns 17,267 shares of the company valued at $339,000 after purchasing an additional 487 shares during the period. FDx Advisors Inc. increased its position in Elanco Animal Health by 1.1% during the first quarter. FDx Advisors Inc. now owns 47,893 shares of the company valued at $1,250,000 after purchasing an additional 502 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in Elanco Animal Health by 1.6% during the first quarter. Commonwealth Equity Services LLC now owns 36,654 shares of the company valued at $956,000 after purchasing an additional 591 shares during the period.
Wall Street analysts predict growth
Several brokerages have commented on ELAN. Stifel Nicolaus lowered his price target on shares of Elanco Animal Health from $30.00 to $22.00 and set a “hold” rating on the stock in a research note on Friday, June 24. Morgan Stanley lowered its price target on shares of Elanco Animal Health to $37.00 and set an “overweight” rating on the stock in a Tuesday, May 17 research note. Piper Sandler lowered her price target on shares of Elanco Animal Health from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. downgraded shares of Elanco Animal Health from an “overweight” rating to a “neutral” rating and lowered its price target for the company from $28.00 to $24.00 in a note research on Tuesday. Finally, Goldman Sachs Group downgraded shares of Elanco Animal Health from a “buy” rating to a “sell” rating and lowered its price target for the company from $32.00 to $19.00 in a research note from Thursday, July 21. One equity research analyst has assigned the stock a sell rating, four have assigned a hold rating and one has assigned the stock a buy rating. According to data from MarketBeat, Elanco Animal Health currently has an average rating of “Hold” and an average target price of $25.83.
Elanco Animal Health Price Performance
NYSE MOMENTUM opened at $18.85 on Thursday. Elanco Animal Health has a 12 month minimum of $18.38 and a 12 month maximum of $35.00. The company has a debt ratio of 0.84, a current ratio of 2.47 and a quick ratio of 1.47. The company has a market capitalization of $8.94 billion, a PE ratio of -53.86, a P/E/G ratio of 1.93 and a beta of 0.79. The company’s 50-day simple moving average is $20.23 and its 200-day simple moving average is $23.67.
Elanco Animal Health (NYSE: MOMENTUM – Get a rating) last released its quarterly earnings data on Monday, August 8. The company reported EPS of $0.36 for the quarter, beating consensus analyst estimates of $0.25 by $0.11. The company posted revenue of $1.18 billion for the quarter, compared to analysts’ estimates of $1.18 billion. Elanco Animal Health recorded a negative net margin of 3.77% and a positive return on equity of 7.40%. The company’s revenue for the quarter was down 8.0% year over year. In the same quarter last year, the company earned $0.28 per share. As a group, equity research analysts expect Elanco Animal Health to post EPS of 1.1 for the current fiscal year.
Company Profile Elanco Animal Health
Elanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures and markets pet and farm animal products. It offers pet disease prevention products, such as parasiticides and vaccines that protect animals against worms, fleas and ticks under the Seresto, Advantage, Advantix and Advocate brand names; companion animal health therapies for pain, osteoarthritis, ear infections, cardiovascular and dermatological indications in dogs and felines under the Galliprant and Claro brands; vaccines, antibiotics, parasiticides and other products for 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.
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