Bank of Nova Scotia Makes New Investment in Elevance Health, Inc. $ELV

Key Points

• Bank of Nova Scotia initiated a position in Elevance Health, purchasing 262,330 shares worth approximately $101.5 million, while institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, beating estimates by $1.24, alongside revenue of $49.83 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.
• The company declared a quarterly dividend of $1.72 per share, equivalent to an annualized $6.88 dividend and a 1.7% yield.

Bank of Nova Scotia purchased a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 262,330 shares of the company's stock, valued at approximately $101,451,000. Bank of Nova Scotia owned approximately 0.12% of Elevance Health as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Elevance Health during the second quarter valued at about $7,344,424,000. Bank of New York Mellon Corp bought a new position in shares of Elevance Health in the second quarter valued at approximately $1,246,349,000. Norges Bank bought a new position in shares of Elevance Health in the fourth quarter valued at approximately $1,058,165,000. Wellington Management Group LLP increased its stake in shares of Elevance Health by 25.2% during the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock valued at $2,906,051,000 after acquiring an additional 1,668,679 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Elevance Health by 27.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company's stock valued at $2,610,261,000 after acquiring an additional 1,607,274 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Up 1.1%

NYSE:ELV opened at $400.66 on Friday. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 1-year low of $274.84 and a 1-year high of $436.24. The firm has a market capitalization of $86.89 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.30 and a beta of 0.68. The stock has a fifty day simple moving average of $394.76 and a 200 day simple moving average of $359.92.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter in the previous year, the company earned $8.84 EPS. The business's revenue for the quarter was up .8% compared to the same quarter last year. Sell-side analysts forecast that Elevance Health, Inc. will post 27.18 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health's payout ratio is 30.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised Elevance Health from a "hold" rating to a "buy" rating and boosted their target price for the stock from $363.00 to $498.00 in a report on Wednesday, May 20th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Elevance Health in a report on Thursday, August 13th. UBS Group boosted their price target on shares of Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a research report on Friday, May 22nd. Bank of America upped their price target on shares of Elevance Health from $435.00 to $460.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Finally, Morgan Stanley boosted their target price on shares of Elevance Health from $352.00 to $404.00 and gave the stock an "equal weight" rating in a report on Thursday, June 4th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $440.90.

Insider Activity

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

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.

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