Elevance Health, Inc. $ELV Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 58.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,386 shares of the company’s stock after purchasing an additional 10,875 shares during the quarter. Investment Management Corp of Ontario’s holdings in Elevance Health were worth $11,430,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in Elevance Health during the 2nd quarter valued at approximately $1,148,379,000. Sanders Capital LLC boosted its stake in Elevance Health by 24.7% during the second quarter. Sanders Capital LLC now owns 5,825,208 shares of the company’s stock valued at $2,265,773,000 after buying an additional 1,152,440 shares in the last quarter. Beutel Goodman & Co Ltd. bought a new position in shares of Elevance Health during the 2nd quarter valued at about $293,141,000. Vanguard Group Inc. grew its position in Elevance Health by 3.2% in the second quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company’s stock worth $8,890,419,000 after buying an additional 704,790 shares during the last quarter. Finally, Orbis Allan Gray Ltd grew its holdings in shares of Elevance Health by 31.4% in the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock worth $1,239,276,000 after acquiring an additional 680,228 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Weiss Ratings raised Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, December 1st. UBS Group cut their price target on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a report on Friday, September 5th. Wells Fargo & Company reduced their price objective 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. Finally, Sanford C. Bernstein decreased their target price 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. Twelve equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $398.44.

Elevance Health Stock Performance

Shares of ELV stock opened at $330.65 on Tuesday. The company has a market capitalization of $73.48 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.53 and a beta of 0.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $458.75. The company’s 50 day moving average price is $334.44 and its two-hundred day moving average price is $332.49.

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

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 annualized dividend and a yield of 2.1%. Elevance Health’s dividend payout ratio (DPR) is 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.