Bank of Nova Scotia Purchases 104,212 Shares of Elevance Health, Inc. $ELV

Bank of Nova Scotia boosted its position in Elevance Health, Inc. (NYSE:ELV) by 77.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 237,998 shares of the company’s stock after purchasing an additional 104,212 shares during the period. Bank of Nova Scotia owned about 0.11% of Elevance Health worth $69,674,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ELV. WealthCollab LLC lifted its position in Elevance Health by 42.2% during the first quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after acquiring an additional 27 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Elevance Health during the 4th quarter worth approximately $31,000. J.Safra Asset Management Corp acquired a new stake in Elevance Health during the 4th quarter worth approximately $32,000. ORG Partners LLC boosted its stake in Elevance Health by 120.4% in the 4th quarter. ORG Partners LLC now owns 108 shares of the company’s stock valued at $38,000 after purchasing an additional 59 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Elevance Health in the 4th quarter valued at $38,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director owned 10,734 shares in the company, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.34% of the stock is currently owned by insiders.

Elevance Health Stock Performance

ELV stock opened at $377.39 on Friday. The firm has a market cap of $81.84 billion, a PE ratio of 16.77, a price-to-earnings-growth ratio of 2.18 and a beta of 0.67. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $436.24. The stock has a 50-day moving average price of $398.69 and a 200-day moving average price of $356.52. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. The company had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. Elevance Health’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $8.84 EPS. As a group, equities research analysts expect that Elevance Health, Inc. will post 27.08 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 annualized dividend and a yield of 1.8%. Elevance Health’s dividend payout ratio (DPR) is presently 30.58%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ELV. Sanford C. Bernstein set a $488.00 price target on shares of Elevance Health in a research report on Thursday, July 16th. TD Cowen increased their target price on shares of Elevance Health from $400.00 to $465.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Guggenheim raised their target price on shares of Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Truist Financial lifted their price target on shares of Elevance Health from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Citigroup upgraded Elevance Health to a “buy” rating in a research note on Wednesday, April 29th. Fifteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

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.