Vancity Investment Management Ltd Increases Stake in Elevance Health, Inc. $ELV

Vancity Investment Management Ltd raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 7.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 39,394 shares of the company’s stock after acquiring an additional 2,679 shares during the quarter. Elevance Health comprises approximately 2.3% of Vancity Investment Management Ltd’s portfolio, making the stock its 14th biggest holding. Vancity Investment Management Ltd’s holdings in Elevance Health were worth $15,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Field & Main Bank lifted its position in shares of Elevance Health by 1.3% during the 2nd quarter. Field & Main Bank now owns 1,883 shares of the company’s stock valued at $728,000 after buying an additional 25 shares in the last quarter. Tranquilli Financial Advisor LLC increased its stake in shares of Elevance Health by 1.3% in the second quarter. Tranquilli Financial Advisor LLC now owns 2,081 shares of the company’s stock worth $805,000 after purchasing an additional 26 shares in the last quarter. WealthCollab LLC increased its stake in shares of Elevance Health by 42.2% in the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after purchasing an additional 27 shares in the last quarter. Signet Financial Management LLC raised its position in shares of Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock valued at $245,000 after purchasing an additional 28 shares during the period. Finally, Sapient Capital LLC lifted its stake in shares of Elevance Health by 1.2% during the 1st quarter. Sapient Capital LLC now owns 2,612 shares of the company’s stock valued at $765,000 after buying an additional 31 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

ELV opened at $407.05 on Monday. The stock has a market capitalization of $88.28 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 2.12 and a beta of 0.69. The company has a fifty day moving average of $396.72 and a 200 day moving average of $364.70. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

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. The business had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.84 EPS. 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 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 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%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ELV shares. Morgan Stanley upped their target price on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Guggenheim raised their price target on Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Royal Bank Of Canada lowered their price objective on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 16th. Cantor Fitzgerald upped their price objective on Elevance Health from $400.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Finally, Mizuho lifted their target price on Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $440.90.

Insider Activity at Elevance Health

In related news, Director Robert Dixon, Jr. sold 151 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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.