Caisse de depot et placement du Quebec Purchases Shares of 244,147 Elevance Health, Inc. $ELV

Key Points

• Caisse de dépôt et placement du Québec acquired 244,147 Elevance Health shares worth approximately $94.4 million, giving it a 0.11% stake. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and eight Holds. Elevance has a “Moderate Buy” consensus rating and an average price target of $440.90.
• Elevance reported quarterly earnings of $7.45 per share, beating estimates of $6.21, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, equivalent to a 1.7% annual yield.

Caisse de depot et placement du Quebec purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 244,147 shares of the company's stock, valued at approximately $94,419,000. Caisse de depot et placement du Quebec owned about 0.11% of Elevance Health as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Elevance Health during the second quarter valued at approximately $7,344,424,000. Bank of New York Mellon Corp purchased a new position in shares of Elevance Health during the 2nd quarter worth $1,246,349,000. Norges Bank purchased a new position in shares of Elevance Health during the 4th quarter worth $1,058,165,000. Legal & General Group Plc bought a new stake in shares of Elevance Health during the 2nd quarter valued at $688,469,000. Finally, Wellington Management Group LLP increased its stake in shares of Elevance Health by 25.2% in the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock worth $2,906,051,000 after purchasing an additional 1,668,679 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director directly owned 10,734 shares of the company's stock, valued at $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ELV shares. Deutsche Bank Aktiengesellschaft upgraded Elevance Health from a "hold" rating to a "buy" rating and lifted their target price for the company from $363.00 to $498.00 in a research report on Wednesday, May 20th. Weiss Ratings restated a "hold (c)" rating on shares of Elevance Health in a research report on Thursday, August 13th. Evercore reaffirmed a "hold" rating on shares of Elevance Health in a research note on Tuesday, May 19th. Morgan Stanley lifted their price objective on Elevance Health from $352.00 to $404.00 and gave the company an "equal weight" rating in a research report on Thursday, June 4th. Finally, Truist Financial boosted their price objective on Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Elevance Health currently has an average rating of "Moderate Buy" and a consensus target price of $440.90.

Elevance Health Trading Up 0.9%

Shares of Elevance Health stock opened at $402.62 on Thursday. Elevance Health, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The business has a 50-day moving average price of $395.02 and a 200-day moving average price of $361.40. The firm has a market cap of $87.32 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 2.28 and a beta of 0.68.

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

Elevance Health Announces Dividend

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

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.

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