Foundations Investment Advisors LLC Acquires New Position in Elevance Health, Inc. (NYSE:ELV)

Posted by Don Miller on Mar 19th, 2023

Foundations Investment Advisors LLC acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV – Get Rating) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 2,873 shares of the company’s stock, valued at approximately $1,474,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of Elevance Health by 3.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,333,044 shares of the company’s stock valued at $654,818,000 after buying an additional 38,563 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Elevance Health by 825.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock worth $372,715,000 after purchasing an additional 676,769 shares during the period. First Trust Advisors LP increased its holdings in Elevance Health by 16.5% in the 1st quarter. First Trust Advisors LP now owns 473,269 shares of the company’s stock valued at $232,479,000 after purchasing an additional 66,880 shares during the last quarter. Capital World Investors purchased a new stake in Elevance Health in the first quarter valued at approximately $190,648,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its stake in Elevance Health by 350.0% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 360,134 shares of the company’s stock worth $176,905,000 after purchasing an additional 280,100 shares in the last quarter. 87.66% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $463.17 on Friday. The company’s fifty day moving average price is $478.90 and its 200 day moving average price is $491.56. Elevance Health, Inc. has a 12 month low of $440.02 and a 12 month high of $549.52. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a market capitalization of $109.98 billion, a P/E ratio of 18.68, a P/E/G ratio of 1.15 and a beta of 0.85.

Elevance Health (NYSE:ELV – Get Rating) last announced its quarterly earnings results on Wednesday, January 25th. The company reported $5.23 EPS for the quarter, topping the consensus estimate of $5.20 by $0.03. Elevance Health had a net margin of 3.85% and a return on equity of 19.56%. The firm had revenue of $39.67 billion for the quarter, compared to analyst estimates of $39.62 billion. During the same period last year, the business earned $5.14 EPS. Elevance Health’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, sell-side analysts predict that Elevance Health, Inc. will post 32.72 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, March 10th will be paid a $1.48 dividend. The ex-dividend date is Thursday, March 9th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.28. This represents a $5.92 dividend on an annualized basis and a yield of 1.28%. Elevance Health’s payout ratio is currently 23.88%.

Analysts Set New Price Targets

ELV has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on Elevance Health from $581.00 to $571.00 and set a “buy” rating for the company in a research note on Wednesday, March 8th. SVB Leerink reiterated an “outperform” rating and set a $580.00 price target on shares of Elevance Health in a research note on Thursday, January 26th. JPMorgan Chase & Co. raised their price objective on shares of Elevance Health from $555.00 to $572.00 and gave the company an “overweight” rating in a research note on Thursday, February 23rd. Loop Capital lifted their price objective on shares of Elevance Health from $550.00 to $565.00 in a report on Monday, January 30th. Finally, StockNews.com assumed coverage on shares of Elevance Health in a report on Thursday. They set a “strong-buy” rating on the stock. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $583.89.

Elevance Health Company Profile

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Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.