Canada Pension Plan Investment Board Invests $261.53 Million in Elevance Health, Inc. $ELV

Canada Pension Plan Investment Board acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the second quarter, HoldingsChannel reports. The fund acquired 676,260 shares of the company’s stock, valued at approximately $261,530,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. WealthCollab LLC raised its stake in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after acquiring an additional 27 shares during the period. Kilter Group LLC bought a new position in shares of Elevance Health in the second quarter worth approximately $28,000. Kemnay Advisory Services Inc. bought a new position in shares of Elevance Health in the fourth quarter worth approximately $31,000. J.Safra Asset Management Corp purchased a new stake in shares of Elevance Health in the fourth quarter worth $32,000. Finally, Main Street Group LTD purchased a new stake in shares of Elevance Health in the first quarter worth $39,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ELV shares. Guggenheim lifted their target price on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a report on Thursday, July 16th. Barclays lowered their price objective on Elevance Health from $480.00 to $457.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft raised Elevance Health from a “hold” rating to a “buy” rating and lifted their target price for the company from $363.00 to $498.00 in a research note on Wednesday, May 20th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $440.90.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Elevance Health Stock Performance

ELV opened at $398.64 on Wednesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The stock has a market capitalization of $86.45 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 2.31 and a beta of 0.68. The company has a fifty day moving average of $394.81 and a 200 day moving average of $360.90. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $48.88 billion. During the same quarter in the previous year, the company earned $8.84 EPS. The business’s quarterly revenue was up .8% compared to the same quarter last year. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

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

Elevance Health Company 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.