Canoe Financial LP Purchases 59,743 Shares of Elevance Health, Inc. $ELV

Canoe Financial LP lifted its position in shares of Elevance Health, Inc. (NYSE:ELV) by 18.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 389,399 shares of the company’s stock after buying an additional 59,743 shares during the quarter. Elevance Health makes up 1.8% of Canoe Financial LP’s holdings, making the stock its 24th largest holding. Canoe Financial LP owned 0.17% of Elevance Health worth $125,823,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of ELV. Pacer Advisors Inc. lifted its position in shares of Elevance Health by 35.3% in the third quarter. Pacer Advisors Inc. now owns 25,709 shares of the company’s stock valued at $8,307,000 after acquiring an additional 6,711 shares in the last quarter. Hunter Perkins Capital Management LLC lifted its holdings in Elevance Health by 34.4% in the 3rd quarter. Hunter Perkins Capital Management LLC now owns 20,581 shares of the company’s stock worth $6,650,000 after purchasing an additional 5,269 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new position in Elevance Health in the 3rd quarter worth approximately $15,258,000. Alliance Wealth Advisors LLC grew its holdings in Elevance Health by 10.0% during the 3rd quarter. Alliance Wealth Advisors LLC now owns 868 shares of the company’s stock valued at $280,000 after buying an additional 79 shares in the last quarter. Finally, Optas LLC raised its position in shares of Elevance Health by 66.7% during the third quarter. Optas LLC now owns 947 shares of the company’s stock valued at $306,000 after buying an additional 379 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Up 0.0%

ELV opened at $343.30 on Friday. The stock has a 50-day moving average of $334.05 and a 200 day moving average of $330.17. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The firm has a market cap of $76.29 billion, a P/E ratio of 14.04, a P/E/G ratio of 1.59 and a beta of 0.52.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. The business had revenue of $50.09 billion during the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The company’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period last year, the company earned $8.37 EPS. As a group, research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a dividend of $1.71 per share. The ex-dividend date was Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a yield of 2.0%. Elevance Health’s payout ratio is 27.96%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ELV shares. Wells Fargo & Company cut their target price on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $320.00 price objective (down previously from $332.00) on shares of Elevance Health in a research report on Friday, December 19th. Barclays reduced their target price on Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. UBS Group dropped their price target on Elevance Health from $435.00 to $425.00 and set a “buy” rating for the company in a research note on Friday, September 5th. Finally, Bank of America raised their price target on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a report on Friday, October 10th. Twelve analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $396.21.

Elevance Health Company 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.