5 Best Pet Stocks to Buy Now

3. Elanco Animal Health Incorporated (NYSE:ELAN)

Number of Hedge Fund Holders: 32

Greenfield, Indiana-based Elanco Animal Health Incorporated (NYSE:ELAN) is a leading animal health company focused on providing products and services to prevent and treat disease in farm animals and pets.

On November 7, Elanco Animal Health Incorporated (NYSE:ELAN) released its financial results for Q3 2023. Its revenues increased by 4% y-o-y to $1.1 billion, while it reported a net loss of $1.1 billion which included goodwill impairment charge of $1.0 billion. It generated a normalized EPS of $0.18, which exceeded consensus estimates by $0.06.

Following the earnings release, Morgan Stanley analyst Erin Wright lowered the price target for Elanco Animal Health Incorporated (NYSE:ELAN) shares to $16 from $17 and maintained an ‘Equal weight’ rating.

As of Q3 2023, 32 of the 910 hedge funds tracked by Insider Monkey were long Elanco Animal Health Incorporated (NYSE:ELAN) and held shares worth $792 million. Ken Griffin’s Citadel Investment Group was the largest shareholder with ownership of 13.8 million shares valued at $155 million.