PRIMECAP Management Co. recently announced the acquisition of new stake in Elanco Animal Health Inc (NYSE:ELAN). The institutional investor has increased its shareholding in the Healthcare company by 2.97% to 50.63 million shares with purchase of 1.46 million shares. This fresh investment now brings its stake to 10.28% valued currently at $446.04 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.79 million to 48.26 million shares. And T. Rowe Price Associates, Inc. has lifted its position by 14.76% or 2.5 million shares – to 19.4 million shares.
With over 7.12 million Elanco Animal Health Inc (ELAN) shares trading Monday and a closing price of $12.83 on the day, the dollar volume was approximately $91.31 million. The shares have shown a positive half year performance of 40.83% and its price on 12/04/23 gained nearly 3.47%. Currently, there are 492.80M common shares owned by the public and among those 486.23M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for ELAN have a consensus price objective of $13.63. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $10.00. The average price target is 5.8% above its recent price level and a downside to the estimated low will see the stock lose -28.3% over that period. But an upside of 28.72% will see the stock hit the forecast high price target while median target price for the stock is $13.50.
Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 980,603 shares. Insider sales of the common stock occurred on 25 occasions, with total insider shares sold totaling 400,239 shares.
The top 3 mutual fund holders in Elanco Animal Health Inc are Dodge & Cox Stock Fund, Vanguard PRIMECAP Fund, and Vanguard Total Stock Market ETF. Dodge & Cox Stock Fund owns 55.4 million shares of the company’s stock, all valued at over $488.04 million. The company bought an additional 0.3 million shares recently to bring their total holdings to about 11.24% of the shares outstanding. Vanguard PRIMECAP Fund bought 100000.0 shares to see its total holdings expand to 17.53 million shares valued at over $154.43 million and representing 3.56% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.2 million shares to bring its total holdings to over 15.48 million shares at a value of $136.37 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.14% of the shares outstanding.
Shares of Elanco Animal Health Inc (NYSE: ELAN) opened at $12.30, down -$0.1 from a prior closing price of $12.40. However, the script later moved the day high at 12.88, up 3.47%. The company’s stock has a 5-day price change of 6.47% and 6.21% over the past three months. ELAN shares are trading 4.99% year to date (YTD), with the 12-month market performance down to -2.73% lower. It has a 12-month low price of $7.88 and touched a high of $14.69 over the same period. ELAN has an average intraday trading volume of 5.30 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 13.62%, 23.43%, and 23.38% respectively.
Institutional ownership of Elanco Animal Health Inc (NYSE: ELAN) shares accounts for 99.03% of the company’s 492.80M shares outstanding. Mutual fund holders own 53.29%, while other institutional holders and individual stakeholders account for 60.92% and 45.91% respectively.
It has a market capitalization of $6.32B and a beta (3y monthly) value of 1.18. The earnings-per-share (ttm) stands at -$2.32. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.86% over the week and 4.03% over the month.
Analysts forecast that Elanco Animal Health Inc (ELAN) will achieve an EPS of $0.11 for the current quarter, $0.3 for the next quarter and $0.89 for 2024. The lowest estimate earnings-per-share for the quarter is $0.08 while analysts give the company a high EPS estimate of $0.13. Comparatively, EPS for the current quarter was $0.19 a year ago. Earnings per share for the fiscal year are expected to decrease by -18.86%, and -0.91% over the next financial year. EPS should shrink at an annualized rate of -6.55% over the next five years, compared to 28.42% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Elanco Animal Health Inc (ELAN) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 6 of the 10 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the ELAN, a number of firms have released research notes about the stock. Barclays stated their Overweight rating for the stock in a research note on April 20, 2023, with the firm’s price target at $14.
