Canoe Financial LP Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Canoe Financial LP lifted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 2.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 341,724 shares of the company’s stock after buying an additional 9,024 shares during the quarter. Elevance Health makes up 4.3% of Canoe Financial LP’s holdings, making the stock its 3rd largest holding. Canoe Financial LP owned about 0.15% of Elevance Health worth $179,046,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ELV. Bank & Trust Co bought a new position in shares of Elevance Health during the 2nd quarter worth $27,000. PSI Advisors LLC bought a new position in Elevance Health in the third quarter worth about $27,000. Palisade Asset Management LLC bought a new position in Elevance Health in the first quarter worth about $28,000. Opal Wealth Advisors LLC bought a new position in Elevance Health in the second quarter worth about $28,000. Finally, Strategic Financial Concepts LLC bought a new position in Elevance Health in the second quarter worth about $30,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of recent research reports. Raymond James set a $485.00 target price on shares of Elevance Health in a report on Friday, October 18th. Royal Bank of Canada reduced their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Barclays cut their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Morgan Stanley cut their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Finally, Bank of America restated a “neutral” rating and set a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $551.07.

Elevance Health Stock Up 1.5 %

NYSE ELV opened at $425.27 on Monday. The business has a fifty day moving average price of $515.15 and a 200 day moving average price of $524.74. Elevance Health, Inc. has a one year low of $397.98 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market cap of $98.84 billion, a P/E ratio of 16.07, a P/E/G ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $44.72 billion during the quarter, compared to analyst estimates of $43.47 billion. During the same period last year, the business earned $8.99 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. Research analysts anticipate that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is 24.64%.

Elevance Health Company Profile

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.