Elevance Health, Inc. $ELV Holdings Raised by CI Investments Inc.

CI Investments Inc. lifted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 12.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,614 shares of the company’s stock after acquiring an additional 1,785 shares during the period. CI Investments Inc.’s holdings in Elevance Health were worth $4,864,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ELV. Bright Rock Capital Management LLC acquired a new position in shares of Elevance Health in the 4th quarter valued at about $7,362,000. Exchange Traded Concepts LLC increased its position in Elevance Health by 58.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 52,295 shares of the company’s stock worth $18,332,000 after purchasing an additional 19,339 shares in the last quarter. M&T Bank Corp raised its holdings in Elevance Health by 160.4% in the fourth quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock valued at $17,698,000 after buying an additional 31,101 shares during the period. HF Advisory Group LLC raised its holdings in Elevance Health by 1,797.0% in the fourth quarter. HF Advisory Group LLC now owns 152,705 shares of the company’s stock valued at $53,531,000 after buying an additional 144,655 shares during the period. Finally, Solidarity Wealth LLC acquired a new position in Elevance Health during the fourth quarter valued at approximately $1,433,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Down 2.7%

Shares of NYSE ELV opened at $378.48 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $436.24. The stock’s 50-day simple moving average is $399.00 and its 200-day simple moving average is $356.37. The firm has a market cap of $82.08 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 2.24 and a beta of 0.67.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same quarter last year, the firm earned $8.84 EPS. Elevance Health’s quarterly revenue was up .8% on a year-over-year basis. As a group, equities analysts anticipate that Elevance Health, Inc. will post 27.08 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be paid a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health’s payout ratio is 30.58%.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director directly owned 10,734 shares of the company’s stock, valued at $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ELV. Guggenheim increased their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $395.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. Weiss Ratings upgraded Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 18th. Deutsche Bank Aktiengesellschaft raised Elevance Health from a “hold” rating to a “buy” rating and raised their price objective for the company from $363.00 to $498.00 in a research report on Wednesday, May 20th. Finally, Cantor Fitzgerald upped their target price on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Fifteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.

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.