Elanco Animal Health (NASDAQ:ELAN) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Elanco Animal Health (NASDAQ:ELAN) from a buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “Elanco Animal Health Incorporated operates as an animal health care company. It develops, manufactures and markets products for companion and food animals. Elanco Animal Health Incorporated is based in Greenfield, United States. “

ELAN has been the topic of several other research reports. Guggenheim began coverage on Elanco Animal Health in a report on Wednesday, May 22nd. They issued a neutral rating on the stock. Morgan Stanley set a €52.00 ($60.47) price objective on Vonovia and gave the company a buy rating in a report on Wednesday, March 13th. Bank of America began coverage on DENTSPLY SIRONA in a report on Monday, March 18th. They issued a buy rating and a $57.00 price objective on the stock. BMO Capital Markets boosted their price objective on Sun Life Financial from C$58.00 to C$60.00 in a report on Friday, May 10th. Finally, UBS Group boosted their target price on Fortis from C$54.00 to C$55.00 in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $33.56.

Shares of ELAN stock traded up $0.70 on Wednesday, hitting $33.86. The stock had a trading volume of 1,581,900 shares, compared to its average volume of 6,367,484. Elanco Animal Health has a 1 year low of $28.00 and a 1 year high of $37.61. The firm has a 50 day moving average of $32.96.

Elanco Animal Health (NASDAQ:ELAN) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.03. The firm had revenue of $731.10 million during the quarter, compared to analysts’ expectations of $743.40 million. Elanco Animal Health’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.33 EPS.

In related news, Director John P. Bilbrey bought 7,750 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average cost of $32.39 per share, with a total value of $251,022.50. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Primecap Management Co. CA boosted its position in shares of Elanco Animal Health by 516.8% during the 1st quarter. Primecap Management Co. CA now owns 30,607,906 shares of the company’s stock worth $981,596,000 after acquiring an additional 25,645,707 shares in the last quarter. BlackRock Inc. boosted its position in shares of Elanco Animal Health by 618.1% in the 1st quarter. BlackRock Inc. now owns 19,559,113 shares of the company’s stock valued at $627,262,000 after purchasing an additional 16,835,410 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Elanco Animal Health in the 1st quarter valued at about $341,261,000. OppenheimerFunds Inc. acquired a new stake in shares of Elanco Animal Health in the 1st quarter valued at about $310,058,000. Finally, American Century Companies Inc. boosted its position in shares of Elanco Animal Health by 327.2% in the 1st quarter. American Century Companies Inc. now owns 8,875,571 shares of the company’s stock valued at $284,640,000 after purchasing an additional 6,797,761 shares during the period.

Elanco Animal Health Company Profile

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