BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $24.15 Million Stake in Elevance Health, Inc. (NYSE:ELV)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 58.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,567 shares of the company’s stock after acquiring an additional 16,420 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Elevance Health were worth $24,149,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ELV. Bank & Trust Co acquired a new stake in Elevance Health during the second quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Elevance Health during the 4th quarter worth approximately $28,000. Palisade Asset Management LLC acquired a new stake in shares of Elevance Health during the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health in the 2nd quarter valued at $28,000. Finally, Strategic Financial Concepts LLC acquired a new position in shares of Elevance Health during the 2nd quarter valued at $30,000. 89.24% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ELV has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Baird R W raised Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. Stephens reiterated an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a report on Thursday, September 5th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Finally, Truist Financial upped their target price on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $604.29.

Elevance Health Stock Performance

Shares of ELV opened at $527.87 on Wednesday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average price of $535.75 and a 200-day moving average price of $529.87. The company has a market cap of $122.69 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. Elevance Health, Inc. has a 12-month low of $431.38 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The business had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter in the prior year, the firm earned $9.04 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, equities analysts forecast that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, the chief executive officer now owns 126,709 shares in the company, valued at $63,478,674.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,058 shares of company stock worth $17,588,116. 0.35% of the stock is currently owned by insiders.

Elevance Health Company 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.