Covington Capital Management Reduces Position in Elanco Animal Health Incorporated (NYSE:ELAN)

Covington Capital Management decreased its holdings in Elanco Animal Health Incorporated (NYSE:ELANGet Rating) by 95.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,478 shares of the company’s stock after selling 33,687 shares during the quarter. Covington Capital Management’s holdings in Elanco Animal Health were worth $29,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ELAN. JPMorgan Chase & Co. lifted its stake in Elanco Animal Health by 78.9% in the fourth quarter. JPMorgan Chase & Co. now owns 307,123 shares of the company’s stock worth $8,716,000 after acquiring an additional 135,470 shares during the period. abrdn plc lifted its stake in Elanco Animal Health by 10.1% in the fourth quarter. abrdn plc now owns 62,384 shares of the company’s stock worth $1,771,000 after acquiring an additional 5,717 shares during the period. Allianz Asset Management GmbH lifted its stake in Elanco Animal Health by 20.9% in the fourth quarter. Allianz Asset Management GmbH now owns 1,101,427 shares of the company’s stock worth $31,258,000 after acquiring an additional 190,114 shares during the period. MAI Capital Management lifted its stake in Elanco Animal Health by 7.1% in the fourth quarter. MAI Capital Management now owns 7,092 shares of the company’s stock worth $201,000 after acquiring an additional 473 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Elanco Animal Health by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,783,264 shares of the company’s stock worth $78,989,000 after acquiring an additional 78,432 shares during the period. Hedge funds and other institutional investors own 98.15% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. lowered Elanco Animal Health from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $28.00 to $24.00 in a research note on Tuesday, August 16th. Piper Sandler lowered their price objective on Elanco Animal Health from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, August 16th. Morgan Stanley lowered Elanco Animal Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $37.00 to $22.00 in a research report on Thursday, August 18th. The Goldman Sachs Group lowered Elanco Animal Health from a “buy” rating to a “sell” rating and lowered their price objective for the company from $32.00 to $19.00 in a research report on Thursday, July 21st. Finally, Barclays lowered their price objective on Elanco Animal Health from $32.00 to $18.00 and set an “equal weight” rating for the company in a research report on Monday, September 12th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $21.00.

Elanco Animal Health Price Performance

Shares of NYSE:ELAN opened at $14.49 on Tuesday. Elanco Animal Health Incorporated has a 1-year low of $13.94 and a 1-year high of $35.00. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.47 and a quick ratio of 1.47. The business has a fifty day moving average price of $17.87 and a 200-day moving average price of $21.89. The company has a market capitalization of $6.87 billion, a PE ratio of -41.40, a PEG ratio of 1.49 and a beta of 0.87.

Elanco Animal Health (NYSE:ELANGet Rating) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.10. Elanco Animal Health had a positive return on equity of 7.40% and a negative net margin of 3.77%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the company earned $0.28 earnings per share. The company’s revenue was down 8.0% on a year-over-year basis. As a group, equities analysts expect that Elanco Animal Health Incorporated will post 1.09 EPS for the current fiscal year.

Insider Buying and Selling at Elanco Animal Health

In related news, insider Rajeev A. Modi acquired 6,700 shares of the business’s stock in a transaction that occurred on Friday, September 9th. The stock was bought at an average cost of $14.90 per share, for a total transaction of $99,830.00. Following the purchase, the insider now owns 41,157 shares in the company, valued at approximately $613,239.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Rajeev A. Modi acquired 6,700 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were acquired at an average cost of $14.90 per share, with a total value of $99,830.00. Following the acquisition, the insider now directly owns 41,157 shares of the company’s stock, valued at $613,239.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director R David Hoover acquired 20,000 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were purchased at an average cost of $15.18 per share, for a total transaction of $303,600.00. Following the completion of the acquisition, the director now directly owns 145,000 shares in the company, valued at $2,201,100. The disclosure for this purchase can be found here. Insiders bought a total of 56,700 shares of company stock worth $839,630 in the last three months. 6.40% of the stock is currently owned by company insiders.

Elanco Animal Health Company Profile

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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.

See Also

Institutional Ownership by Quarter for Elanco Animal Health (NYSE:ELAN)

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