Canoe Financial LP Purchases 59,743 Shares of Elevance Health, Inc. $ELV

Canoe Financial LP raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 18.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 389,399 shares of the company’s stock after purchasing an additional 59,743 shares during the quarter. Elevance Health accounts for about 1.8% of Canoe Financial LP’s portfolio, making the stock its 24th largest position. Canoe Financial LP’s holdings in Elevance Health were worth $125,823,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. WPG Advisers LLC bought a new position in Elevance Health in the 1st quarter valued at $29,000. Vermillion & White Wealth Management Group LLC boosted its stake in shares of Elevance Health by 94.9% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock valued at $30,000 after purchasing an additional 37 shares during the period. BOK Financial Private Wealth Inc. bought a new position in shares of Elevance Health in the second quarter worth about $32,000. Saudi Central Bank purchased a new position in Elevance Health in the 1st quarter worth about $40,000. Finally, Glass Jacobson Investment Advisors llc increased its stake 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. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Up 0.0%

Shares of NYSE ELV opened at $343.30 on Friday. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $458.75. The stock’s fifty day simple moving average is $334.05 and its two-hundred day simple moving average is $330.17. The stock has a market capitalization of $76.29 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.59 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 issued its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. During the same period in the prior year, the business posted $8.37 EPS. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. As a group, analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, December 5th. Elevance Health’s dividend payout ratio (DPR) is currently 27.96%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. The Goldman Sachs Group started coverage on shares of Elevance Health in a research note on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 target price on the stock. Robert W. Baird increased their price objective on Elevance Health from $297.00 to $340.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Wells Fargo & Company decreased their target price on Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. TD Cowen upped their target price on Elevance Health from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, November 26th. Finally, UBS Group cut their price target on Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a research note on Friday, September 5th. Twelve research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $396.21.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.