Healthcare of Ontario Pension Plan Trust Fund Grows Position in Elevance Health, Inc. (NYSE:ELV)

Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Elevance Health, Inc. (NYSE:ELV) by 41.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,000 shares of the company’s stock after acquiring an additional 14,700 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Elevance Health were worth $27,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Bank & Trust Co purchased a new stake in shares of Elevance Health during the 2nd quarter valued at $27,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Elevance Health in the fourth quarter worth about $28,000. Palisade Asset Management LLC bought a new position in shares of Elevance Health in the first quarter worth $28,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health during the 2nd quarter valued at about $28,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of Elevance Health in the 2nd quarter worth $30,000. 89.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Truist Financial increased their price target on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. Morgan Stanley assumed coverage on Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 target price for the company. Bank of America restated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Finally, TD Cowen lowered their price objective on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research report on Friday, July 19th. One research 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 stock. According to MarketBeat.com, Elevance Health has a consensus rating of “Buy” and a consensus price target of $604.29.

Insider Buying and Selling

In related news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock valued at $17,588,116 over the last ninety days. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Down 1.4 %

Shares of NYSE ELV opened at $498.16 on Friday. The firm has a fifty day simple moving average of $536.58 and a two-hundred day simple moving average of $529.83. Elevance Health, Inc. has a 12 month low of $432.99 and a 12 month high of $567.26. 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 firm has a market capitalization of $115.78 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82.

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

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.31%. Elevance Health’s dividend payout ratio is presently 24.64%.

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.