Elanco Animal Health (ELAN) Shares Gap Up on Strong Earnings

Shares of Elanco Animal Health (NASDAQ:ELAN) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $33.85, but opened at $32.96. Elanco Animal Health shares last traded at $33.05, with a volume of 43330 shares trading hands.

The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.03. The firm had revenue of $731.10 million for the quarter, compared to analyst estimates of $743.40 million. The company’s revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 EPS.

A number of analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Elanco Animal Health from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. UBS Group assumed coverage on shares of Elanco Animal Health in a research note on Wednesday, January 23rd. They set a “sell” rating and a $29.00 target price on the stock. Argus assumed coverage on shares of Elanco Animal Health in a research note on Tuesday, January 15th. They set a “buy” rating and a $37.00 target price on the stock. Bank of America upgraded shares of Elanco Animal Health from a “neutral” rating to a “buy” rating and set a $30.95 target price on the stock in a research note on Monday, March 18th. Finally, Morgan Stanley assumed coverage on shares of Elanco Animal Health in a research note on Wednesday, March 13th. They set an “equal weight” rating and a $34.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $33.47.

In other Elanco Animal Health news, Director R David Hoover purchased 20,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was purchased at an average cost of $31.43 per share, with a total value of $628,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Two Sigma Investments LP acquired a new stake in shares of Elanco Animal Health during the fourth quarter worth $3,333,000. TrimTabs Asset Management LLC acquired a new stake in Elanco Animal Health in the 1st quarter worth about $1,292,000. Chartwell Investment Partners LLC acquired a new stake in Elanco Animal Health in the 4th quarter worth about $251,000. LPL Financial LLC acquired a new stake in Elanco Animal Health in the 3rd quarter worth about $313,000. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in Elanco Animal Health by 8.2% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,813,388 shares of the company’s stock worth $57,176,000 after buying an additional 137,270 shares during the last quarter.

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Elanco Animal Health Company Profile (NASDAQ:ELAN)

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