Intact Investment Management Inc. Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

Intact Investment Management Inc. purchased a new position in Elevance Health, Inc. (NYSE:ELV) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,760 shares of the company’s stock, valued at approximately $915,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ELV. Pathway Financial Advisers LLC raised its position in Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after acquiring an additional 656,344 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after buying an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Elevance Health by 34.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock worth $1,117,698,000 after buying an additional 523,910 shares during the period. M&G Plc acquired a new stake in Elevance Health during the 1st quarter worth about $203,389,000. Finally, Maj Invest Holding A S acquired a new stake in Elevance Health during the 2nd quarter worth about $173,753,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ELV has been the topic of several recent analyst reports. Wells Fargo & Company cut their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday. Morgan Stanley cut their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Raymond James set a $485.00 price objective on Elevance Health in a report on Friday, October 18th. Stephens restated an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. Finally, Bank of America reaffirmed a “neutral” rating and set a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $544.53.

Elevance Health Trading Up 0.9 %

Shares of NYSE ELV opened at $417.86 on Tuesday. The stock has a market cap of $96.91 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 1.21 and a beta of 0.85. The business has a 50 day simple moving average of $499.42 and a 200 day simple moving average of $520.76. Elevance Health, Inc. has a 52 week low of $397.98 and a 52 week high of $567.26. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $8.99 EPS. On average, research analysts predict that Elevance Health, Inc. will post 32.93 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a yield of 1.56%. Elevance Health’s payout ratio is currently 23.77%.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.35% of the company’s stock.

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.