Beutel Goodman & Co Ltd. Invests $293.14 Million in Elevance Health, Inc. $ELV

Beutel Goodman & Co Ltd. purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 753,653 shares of the company’s stock, valued at approximately $293,141,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. WPG Advisers LLC acquired a new position in Elevance Health in the first quarter worth approximately $29,000. Vermillion & White Wealth Management Group LLC increased its position in Elevance Health by 94.9% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock worth $30,000 after buying an additional 37 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new position in Elevance Health during the second quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc increased its position in Elevance Health by 400.0% in the 2nd quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock worth $39,000 after buying an additional 80 shares during the period. Finally, Saudi Central Bank bought a new position in Elevance Health during the first quarter valued at about $40,000. 89.24% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on ELV shares. Sanford C. Bernstein cut their price target on shares of Elevance Health from $445.00 to $420.00 and set an “outperform” rating on the stock in a research report on Thursday, October 16th. Weiss Ratings raised Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. Wall Street Zen raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Saturday, November 29th. TD Cowen boosted their target price on shares of Elevance Health from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, November 26th. Finally, Guggenheim upped their price target on shares of Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Twelve analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $398.44.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $333.57 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $74.13 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.53 and a beta of 0.52. The business’s 50-day moving average price is $333.98 and its 200-day moving average price is $334.40. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The business had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same quarter last year, the business posted $8.37 EPS. The business’s revenue was up 12.0% on a year-over-year basis. Sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. Elevance Health’s dividend payout ratio (DPR) is presently 27.96%.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.