Elanco Animal Health (NYSE:ELAN) Stock Rating Lowered by Morgan Stanley

Elanco Animal Health (NYSE:ELAN - Get Free Report) was downgraded by stock analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a note issued to investors on Thursday, MarketBeat.com reports. They presently have a $15.00 price target on the stock, down from their previous price target of $17.00. Morgan Stanley's price objective would suggest a potential downside of 0.43% from the stock's previous close.

A number of other analysts have also weighed in on the stock. Barclays decreased their target price 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. Piper Sandler decreased their price target on shares of Elanco Animal Health from $19.00 to $16.00 and set a "neutral" rating on the stock in a report on Monday, July 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $17.29.

Elanco Animal Health Stock Performance

Shares of ELAN stock traded up $0.41 during trading on Thursday, reaching $15.07. 17,388,729 shares of the company's stock traded hands, compared to its average volume of 4,806,717. The firm's 50-day moving average is $13.92 and its 200 day moving average is $15.17. The company has a market capitalization of $7.44 billion, a P/E ratio of -5.64, a PEG ratio of 1.44 and a beta of 1.40. Elanco Animal Health has a 1 year low of $8.52 and a 1 year 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.

Elanco Animal Health (NYSE:ELAN - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.30 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 firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $0.18 earnings per share. The business's revenue for the quarter was up 12.0% on a year-over-year basis. Equities research analysts expect that Elanco Animal Health will post 0.91 EPS for the current year.

Insider Activity at Elanco Animal Health

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

Institutional Investors Weigh In On Elanco Animal Health

Several institutional investors have recently added to or reduced their stakes in ELAN. Benjamin F. Edwards & Company Inc. increased its stake in shares of Elanco Animal Health by 337.7% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,764 shares of the company's stock valued at $26,000 after buying an additional 1,361 shares during the period. ORG Partners LLC purchased a new position in Elanco Animal Health during the 2nd quarter valued at $31,000. nVerses Capital LLC purchased a new position in Elanco Animal Health during the 2nd quarter valued at $32,000. Jones Financial Companies Lllp bought a new position in Elanco Animal Health in the 4th quarter worth $37,000. Finally, Quarry LP bought a new stake in shares of Elanco Animal Health during the 2nd quarter valued at about $40,000. Hedge funds and other institutional investors own 97.48% of the company's stock.

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.