Bank of America Corp DE Boosts Stake in Elanco Animal Health Incorporated $ELAN

Key Points

• Bank of America increased its Elanco Animal Health stake by 16.4% in the second quarter, adding 551,656 shares to own 3.91 million shares valued at approximately $96.2 million. Institutional investors now hold 97.48% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $29.09. UBS and KeyCorp recently raised their price targets to $33 and $30, respectively.
• Elanco exceeded quarterly expectations, reporting adjusted EPS of $0.34 versus the $0.27 estimate and revenue of $1.37 billion, up 10.2% year over year. Insiders also purchased 63,198 shares worth about $1.47 million over the past 90 days.

Bank of America Corp DE grew its position in shares of Elanco Animal Health Incorporated (NYSE:ELAN - Free Report) by 16.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,909,871 shares of the company's stock after acquiring an additional 551,656 shares during the quarter. Bank of America Corp DE owned about 0.78% of Elanco Animal Health worth $96,222,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ELAN. BlackRock Inc. acquired a new position in shares of Elanco Animal Health during the 2nd quarter valued at $1,202,198,000. Peak Retirement Planning Inc. purchased a new position in Elanco Animal Health in the fourth quarter valued at about $2,756,000. Norges Bank purchased a new position in Elanco Animal Health in the fourth quarter valued at about $32,415,000. S&CO Inc. acquired a new position in shares of Elanco Animal Health during the second quarter worth about $2,738,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Elanco Animal Health by 3,358.1% during the first quarter. Geneos Wealth Management Inc. now owns 202,747 shares of the company's stock worth $4,852,000 after purchasing an additional 196,884 shares in the last quarter. 97.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Piper Sandler reiterated an "overweight" rating on shares of Elanco Animal Health in a research note on Monday, June 29th. Weiss Ratings raised shares of Elanco Animal Health from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, September 4th. KeyCorp lifted their price objective on shares of Elanco Animal Health from $29.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. UBS Group boosted their target price on shares of Elanco Animal Health from $31.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen downgraded shares of Elanco Animal Health from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $29.09.

Insider Buying and Selling

In other news, insider Shiv O'Neill purchased 3,998 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were acquired at an average price of $23.58 per share, for a total transaction of $94,272.84. Following the completion of the acquisition, the insider directly owned 87,832 shares of the company's stock, valued at $2,071,078.56. The trade was a 4.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Kurzius purchased 40,000 shares of Elanco Animal Health stock in a transaction that occurred on Thursday, August 20th. The stock was purchased at an average price of $23.40 per share, with a total value of $936,000.00. Following the transaction, the director owned 188,647 shares in the company, valued at $4,414,339.80. This represents a 26.91% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 63,198 shares of company stock valued at $1,473,109. Company insiders own 1.14% of the company's stock.

Elanco Animal Health Price Performance

NYSE:ELAN opened at $22.39 on Friday. The company has a quick ratio of 1.10, a current ratio of 2.05 and a debt-to-equity ratio of 0.58. The business's 50-day moving average price is $24.34 and its 200 day moving average price is $23.81. Elanco Animal Health Incorporated has a 52-week low of $18.48 and a 52-week high of $27.98. The firm has a market cap of $11.19 billion, a P/E ratio of -54.61, a PEG ratio of 1.62 and a beta of 1.68.

Elanco Animal Health (NYSE:ELAN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.07. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.31 billion. Elanco Animal Health had a negative net margin of 3.96% and a positive return on equity of 8.13%. Elanco Animal Health's revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.26 EPS. Elanco Animal Health has set its Q3 2026 guidance at 0.190-0.220 EPS and its FY 2026 guidance at 1.100-1.160 EPS. As a group, sell-side analysts predict that Elanco Animal Health Incorporated will post 1.13 earnings per share for the current fiscal year.

Elanco Animal Health Company Profile

Elanco Animal Health Incorporated NYSE: ELAN is a global animal health company that develops, manufactures and markets products for pets and food-producing animals. Its portfolio is designed to help prevent and treat disease, control parasites, improve animal well-being and support productivity in livestock and aquaculture.

The company's products include vaccines, parasiticides, antibiotics, animal health pharmaceuticals and nutritional supplements. Its companion animal portfolio serves dogs and cats, while its livestock business provides products for cattle, poultry, swine and aquaculture operations.

Want to see what other hedge funds are holding ELAN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elanco Animal Health Incorporated (NYSE:ELAN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.