Bank of New York Mellon Corp Cuts Stake in Elanco Animal Health Incorporated (NYSE:ELAN)

Bank of New York Mellon Corp decreased its stake in Elanco Animal Health Incorporated (NYSE:ELAN – Get Rating) by 3.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,917,456 shares of the company’s stock after selling 90,828 shares during the quarter. Bank of New York Mellon Corp’s holdings in Elanco Animal Health were worth $36,204,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Royal London Asset Management Ltd. boosted its holdings in Elanco Animal Health by 12.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 192,811 shares of the company’s stock worth $3,784,000 after acquiring an additional 21,084 shares during the period. Cary Street Partners Investment Advisory LLC grew its holdings in Elanco Animal Health by 257.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock valued at $35,000 after purchasing an additional 2,055 shares in the last quarter. Ellevest Inc. increased its stake in Elanco Animal Health by 20,170.8% during the 3rd quarter. Ellevest Inc. now owns 4,865 shares of the company’s stock worth $60,000 after buying an additional 4,841 shares during the period. Pictet Asset Management SA lifted its holdings in Elanco Animal Health by 2.2% in the 3rd quarter. Pictet Asset Management SA now owns 2,488,180 shares of the company’s stock worth $30,878,000 after buying an additional 52,998 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG purchased a new position in Elanco Animal Health in the 2nd quarter valued at about $248,000.

Elanco Animal Health Stock Performance

ELAN stock opened at $9.29 on Tuesday. The firm has a market cap of $4.57 billion, a P/E ratio of -61.93, a P/E/G ratio of 6.54 and a beta of 0.95. The stock’s 50 day simple moving average is $12.63 and its 200 day simple moving average is $12.90. The company has a current ratio of 1.93, a quick ratio of 1.02 and a debt-to-equity ratio of 0.75. Elanco Animal Health Incorporated has a 12-month low of $9.27 and a 12-month high of $27.68.

Elanco Animal Health (NYSE:ELAN – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. Elanco Animal Health had a negative net margin of 1.74% and a positive return on equity of 7.57%. The company had revenue of $988.00 million for the quarter, compared to the consensus estimate of $980.94 million. During the same period last year, the firm posted $0.21 EPS. The company’s revenue for the quarter was down 11.2% on a year-over-year basis. As a group, equities research analysts predict that Elanco Animal Health Incorporated will post 0.77 EPS for the current year.

Wall Street Analyst Weigh In

ELAN has been the topic of several recent analyst reports. Barclays cut their price target on Elanco Animal Health from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 22nd. Piper Sandler reduced their target price on Elanco Animal Health from $15.00 to $12.00 in a research note on Thursday, March 2nd. Finally, Morgan Stanley dropped their price target on shares of Elanco Animal Health from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, January 30th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, Elanco Animal Health presently has an average rating of “Hold” and a consensus price target of $16.50.

Insiders Place Their Bets

In other news, Director R David Hoover purchased 10,000 shares of the stock in a transaction dated Friday, March 3rd. The shares were bought at an average cost of $11.13 per share, for a total transaction of $111,300.00. Following the transaction, the director now owns 155,000 shares in the company, valued at $1,725,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director R David Hoover purchased 10,000 shares of the company’s stock in a transaction on Friday, March 3rd. The shares were bought at an average price of $11.13 per share, with a total value of $111,300.00. Following the completion of the acquisition, the director now owns 155,000 shares of the company’s stock, valued at $1,725,150. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey N. Simmons bought 15,000 shares of the firm’s stock in a transaction that occurred on Friday, March 10th. The stock was bought at an average price of $9.60 per share, for a total transaction of $144,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,000 shares in the company, valued at $432,000. The disclosure for this purchase can be found here. 6.40% of the stock is currently owned by insiders.

Elanco Animal Health Profile

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Elanco Animal Health, Inc innovates, develops, manufactures, and markets products for pets and farm animals. It offers products through the following four categories: Companion Animal Disease Prevention, Companion Animal Therapeutics, Food Animal Future Protein & Health, and Food Animal Ruminants & Swine.