OMERS ADMINISTRATION Corp Makes New Investment in Elevance Health, Inc. $ELV

OMERS ADMINISTRATION Corp purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, HoldingsChannel reports. The institutional investor purchased 67,483 shares of the company’s stock, valued at approximately $26,098,000.

Several other large investors also recently bought and sold shares of the business. BlackRock Inc. bought a new position in Elevance Health in the second quarter worth approximately $7,344,424,000. Bank of New York Mellon Corp purchased a new position in Elevance Health during the second quarter valued at approximately $1,246,349,000. Norges Bank bought a new position in shares of Elevance Health in the fourth quarter worth approximately $1,058,165,000. Wellington Management Group LLP lifted its stake in shares of Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after buying an additional 1,668,679 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock worth $2,610,261,000 after buying an additional 1,607,274 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of 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 Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Elevance Health Price Performance

Elevance Health stock opened at $400.66 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The stock has a market cap of $86.89 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.29 and a beta of 0.68. The firm has a 50-day moving average of $394.76 and a two-hundred day moving average of $360.04. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same period last year, the company posted $8.84 earnings per share. The company’s quarterly revenue was up .8% compared to the same quarter last year. On average, research analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.

Analysts Set New Price Targets

ELV has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a report on Monday, June 8th. Robert W. Baird lifted their target price on Elevance Health from $331.00 to $393.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Evercore restated a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. Raymond James Financial set a $450.00 price target on Elevance Health in a research note on Tuesday, July 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Elevance Health in a research note on Thursday, August 13th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $440.90.

Elevance Health 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.