10 Oversold Healthcare Stocks To Invest In

4. Elanco Animal Health Incorporated (NYSE:ELAN)

Number of Hedge Fund Holders: 42

Elanco Animal Health Incorporated (NYSE:ELAN) is a global leader in animal health solutions, developing products and services to prevent and treat diseases in farm animals and pets. Operating in over 90 countries, the company offers a wide range of products, including parasiticides, vaccines, and therapeutics for companion animals and livestock.

Elanco Animal Health Incorporated (NYSE:ELAN) reported Q3 2024 revenue of $1.03 billion, reflecting a 4% decline from the previous year. However, excluding the divestiture of their Aqua business and foreign exchange impacts, organic constant currency revenue grew by 1%. The company exceeded earnings expectations with an EPS of $0.13, surpassing the forecast of $0.12. Elanco also made significant progress in debt management, paying down $1.3 billion in debt and reducing its net leverage from mid-five times to mid-four times. Elanco Animal Health Incorporated (NYSE:ELAN)’s growth was driven by new products like Zenrelia and Credelio Quattro, particularly in the pet health sector, while the U.S. farm animal business saw an 11% revenue increase, primarily driven by cattle products such as Experior.

As of Q3 2024, 42 hedge funds in the Insider Monkey database held shares in Elanco Animal Health Incorporated (NYSE:ELAN). The largest stakeholder in the company was Magnetar Capital with over 10.5 million shares worth $155.4 million. The stock holds a Moderate Buy rating. Seven Wall Street analysts have set a 12-month price target for Elanco Animal Health, with an average target of $18.67, reflecting a potential 45.52% increase from its current price of $12.83. The forecasts range from a low of $15.00 to a high of $22.00.