Intact Investment Management Inc. Raises Stake in Elevance Health, Inc. (NYSE:ELV)

Intact Investment Management Inc. boosted its position in Elevance Health, Inc. (NYSE:ELV) by 26.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,400 shares of the company’s stock after buying an additional 500 shares during the quarter. Intact Investment Management Inc.’s holdings in Elevance Health were worth $1,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. OFI Invest Asset Management bought a new stake in Elevance Health in the third quarter valued at approximately $25,000. Alaska Permanent Fund Corp bought a new stake in Elevance Health in the fourth quarter valued at approximately $31,000. ORG Partners LLC bought a new stake in Elevance Health in the fourth quarter valued at approximately $40,000. Orion Capital Management LLC bought a new stake in Elevance Health in the third quarter valued at approximately $46,000. Finally, Milestone Investment Advisors LLC bought a new stake in Elevance Health in the third quarter valued at approximately $51,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of several recent research reports. Truist Financial reiterated a “buy” rating and issued a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Jefferies Financial Group upped their target price on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a report on Friday, April 19th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Mizuho increased their price objective on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank of Canada increased their price objective on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $587.42.

Elevance Health Stock Down 0.4 %

Shares of NYSE ELV traded down $2.42 during trading on Friday, reaching $537.26. The company had a trading volume of 700,726 shares, compared to its average volume of 1,135,198. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $542.07. The stock has a market cap of $124.87 billion, a PE ratio of 20.30, a P/E/G ratio of 1.19 and a beta of 0.78. The business’s 50-day moving average is $511.89 and its 200 day moving average is $486.62. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. During the same period in the prior year, the firm posted $9.46 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. As a group, equities analysts forecast that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.21%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the sale, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

Elevance Health 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.