Elevance Health, Inc. $ELV Shares Bought by CI Investments Inc.

CI Investments Inc. grew its position in Elevance Health, Inc. (NYSE:ELV) by 12.0% in the first quarter, Holdings Channel.com reports. The fund owned 16,614 shares of the company’s stock after buying an additional 1,785 shares during the period. CI Investments Inc.’s holdings in Elevance Health were worth $4,864,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Bright Rock Capital Management LLC bought a new position in shares of Elevance Health during the 4th quarter worth about $7,362,000. Exchange Traded Concepts LLC lifted its position in shares of Elevance Health by 58.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 52,295 shares of the company’s stock valued at $18,332,000 after purchasing an additional 19,339 shares in the last quarter. M&T Bank Corp grew its holdings in shares of Elevance Health by 160.4% in the fourth quarter. M&T Bank Corp now owns 50,486 shares of the company’s stock valued at $17,698,000 after acquiring an additional 31,101 shares in the last quarter. HF Advisory Group LLC increased its position in shares of Elevance Health by 1,797.0% during the 4th quarter. HF Advisory Group LLC now owns 152,705 shares of the company’s stock valued at $53,531,000 after purchasing an additional 144,655 shares during the last quarter. Finally, Solidarity Wealth LLC purchased a new position in Elevance Health in the fourth quarter valued at about $1,433,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 2.7%

Shares of ELV opened at $378.48 on Friday. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $436.24. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm’s 50-day moving average price is $399.00 and its 200-day moving average price is $356.37. The firm has a market capitalization of $82.08 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 2.24 and a beta of 0.67.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (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 company had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same period in the prior year, the firm earned $8.84 earnings per share. Elevance Health’s revenue was up .8% on a year-over-year basis. Sell-side analysts anticipate that Elevance Health, Inc. will post 27.08 EPS for the current year.

Elevance Health Dividend Announcement

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 given a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. Elevance Health’s dividend payout ratio is currently 30.58%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ELV shares. The Goldman Sachs Group reiterated a “neutral” rating and issued a $395.00 target price on shares of Elevance Health in a research note on Thursday, July 16th. Wall Street Zen lowered Elevance Health from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Citigroup upgraded Elevance Health to a “buy” rating in a research report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a “hold” rating to a “buy” rating and upped their price objective for the company from $363.00 to $498.00 in a research note on Wednesday, May 20th. Finally, TD Cowen raised their price target on Elevance Health from $400.00 to $465.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

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.