CX Institutional Grows Stock Position in Elevance Health, Inc. $ELV

CX Institutional increased its stake in Elevance Health, Inc. (NYSE:ELV) by 1,452.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,366 shares of the company’s stock after acquiring an additional 17,183 shares during the period. CX Institutional’s holdings in Elevance Health were worth $5,934,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ELV. Norges Bank bought a new stake in Elevance Health in the second quarter valued at approximately $1,148,379,000. Sanders Capital LLC raised its holdings in Elevance Health by 24.7% during the 2nd quarter. Sanders Capital LLC now owns 5,825,208 shares of the company’s stock valued at $2,265,773,000 after buying an additional 1,152,440 shares during the last quarter. Beutel Goodman & Co Ltd. bought a new stake in Elevance Health during the 2nd quarter valued at $293,141,000. Vanguard Group Inc. boosted its position in Elevance Health by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 22,856,898 shares of the company’s stock valued at $8,890,419,000 after buying an additional 704,790 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Elevance Health by 30.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,076,668 shares of the company’s stock worth $807,741,000 after acquiring an additional 487,579 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Down 1.3%

NYSE ELV opened at $366.68 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75. The firm has a market capitalization of $81.49 billion, a PE ratio of 14.99, a P/E/G ratio of 1.91 and a beta of 0.51. The stock’s 50 day moving average is $336.03 and its 200 day moving average is $328.31.

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, topping analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The business had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. During the same quarter in the prior year, the company earned $8.37 earnings per share. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. Research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, December 5th. Elevance Health’s dividend payout ratio is 27.96%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. TD Cowen increased their target price on shares of Elevance Health from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, November 26th. Morgan Stanley lowered their price target on Elevance Health from $359.00 to $352.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 17th. Mizuho cut their price objective on Elevance Health from $420.00 to $400.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Robert W. Baird boosted their target price on Elevance Health from $297.00 to $340.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Finally, Zacks Research raised Elevance Health from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Twelve analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Elevance Health currently has a consensus rating of “Hold” and an average price target of $398.89.

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.