Bank of Nova Scotia Sells 8,312 Shares of Elevance Health, Inc. $ELV

Bank of Nova Scotia lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 21.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,678 shares of the company’s stock after selling 8,312 shares during the period. Bank of Nova Scotia’s holdings in Elevance Health were worth $11,544,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Aspen Investment Management Inc raised its position in shares of Elevance Health by 2.6% during the first quarter. Aspen Investment Management Inc now owns 1,048 shares of the company’s stock worth $456,000 after acquiring an additional 27 shares during the last quarter. Regatta Capital Group LLC increased its position in Elevance Health by 3.0% in the second quarter. Regatta Capital Group LLC now owns 1,041 shares of the company’s stock worth $405,000 after purchasing an additional 30 shares during the period. Smartleaf Asset Management LLC raised its holdings in Elevance Health by 1.5% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,163 shares of the company’s stock worth $934,000 after purchasing an additional 32 shares during the last quarter. Accurate Wealth Management LLC lifted its position in Elevance Health by 4.9% during the 2nd quarter. Accurate Wealth Management LLC now owns 707 shares of the company’s stock valued at $275,000 after purchasing an additional 33 shares during the period. Finally, Capital Analysts LLC boosted its stake in shares of Elevance Health by 6.5% in the 1st quarter. Capital Analysts LLC now owns 577 shares of the company’s stock valued at $251,000 after purchasing an additional 35 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ELV shares. Zacks Research raised shares of Elevance Health from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Truist Financial set a $400.00 target price on shares of Elevance Health in a research report on Tuesday, October 14th. Wall Street Zen raised Elevance Health from a “hold” rating to a “buy” rating in a research note on Saturday, November 29th. Cowen restated a “buy” rating on shares of Elevance Health in a research report on Wednesday, November 26th. Finally, Guggenheim lifted their price objective on Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Twelve investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $398.44.

Elevance Health Stock Up 3.3%

NYSE:ELV opened at $340.80 on Thursday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $458.75. The stock has a 50-day moving average price of $334.75 and a two-hundred day moving average price of $332.25. The stock has a market cap of $75.74 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.53 and a beta of 0.52. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71.

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, beating 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 for the quarter, compared to analysts’ expectations of $49.26 billion. During the same quarter in the previous year, the business posted $8.37 EPS. Elevance Health’s revenue for the quarter was up 12.0% on a year-over-year basis. As a group, equities analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $6.84 annualized dividend and a dividend yield of 2.0%. Elevance Health’s dividend payout ratio is currently 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.