M&T Bank Corp Increases Stake in Elanco Animal Health Incorporated (NYSE:ELAN)

M&T Bank Corp grew its stake in shares of Elanco Animal Health Incorporated (NYSE:ELAN) by 5.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 26,407 shares of the company’s stock after purchasing an additional 1,464 shares during the quarter. M&T Bank Corp’s holdings in Elanco Animal Health were worth $388,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. increased its holdings in Elanco Animal Health by 337.7% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,764 shares of the company’s stock valued at $26,000 after acquiring an additional 1,361 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Elanco Animal Health during the third quarter valued at about $29,000. nVerses Capital LLC bought a new stake in shares of Elanco Animal Health in the second quarter worth about $32,000. AM Squared Ltd purchased a new stake in shares of Elanco Animal Health in the third quarter worth about $34,000. Finally, Quarry LP bought a new position in Elanco Animal Health during the second quarter valued at approximately $40,000. Hedge funds and other institutional investors own 97.48% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. UBS Group initiated coverage on Elanco Animal Health in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective on the stock. Morgan Stanley downgraded shares of Elanco Animal Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $17.00 to $15.00 in a research note on Thursday, September 19th. Leerink Partnrs raised shares of Elanco Animal Health to a “hold” rating in a research note on Monday, December 2nd. Leerink Partners assumed coverage on shares of Elanco Animal Health in a research report on Monday, December 2nd. They set a “market perform” rating and a $14.00 target price on the stock. Finally, Barclays lifted their price target on Elanco Animal Health from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.75.

Elanco Animal Health Stock Performance

Elanco Animal Health stock opened at $11.73 on Thursday. Elanco Animal Health Incorporated has a 1-year low of $11.40 and a 1-year high of $18.80. The company’s 50-day moving average is $13.07 and its 200 day moving average is $14.21. The firm has a market capitalization of $5.80 billion, a P/E ratio of 29.33, a price-to-earnings-growth ratio of 2.03 and a beta of 1.41. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.55 and a quick ratio of 1.31.

Elanco Animal Health (NYSE:ELAN) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. Elanco Animal Health had a return on equity of 6.78% and a net margin of 4.60%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the business posted $0.18 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Research analysts forecast that Elanco Animal Health Incorporated will post 0.92 EPS for the current year.

About Elanco Animal Health

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.