Caisse de depot et placement du Quebec Makes New Investment in Elevance Health, Inc. $ELV

Caisse de depot et placement du Quebec bought a new position in Elevance Health, Inc. (NYSE:ELV) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 244,147 shares of the company’s stock, valued at approximately $94,419,000.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ELV shares. Bank of America lifted their target price on Elevance Health from $435.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a report on Thursday, July 16th. The Goldman Sachs Group restated a “neutral” rating and issued a $395.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating for the company in a research note on Thursday, July 16th. Finally, Guggenheim boosted their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health 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 completion of the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Elevance Health Price Performance

Shares of ELV stock opened at $402.62 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The company has a market capitalization of $87.32 billion, a P/E ratio of 17.89, a P/E/G ratio of 2.28 and a beta of 0.68. The company’s 50-day simple moving average is $395.02 and its two-hundred day simple moving average is $361.40. Elevance Health, Inc. has a one year low of $274.84 and a one year high of $436.24.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.84 earnings per share. As a group, equities analysts anticipate that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Dividend Announcement

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

About Elevance Health

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.