Canoe Financial LP Trims Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Canoe Financial LP trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 38.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 323,638 shares of the company's stock after selling 200,893 shares during the quarter. Elevance Health makes up about 2.3% of Canoe Financial LP's holdings, making the stock its 17th biggest position. Canoe Financial LP owned 0.14% of Elevance Health worth $140,770,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Milestone Asset Management LLC raised its holdings in shares of Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after buying an additional 24 shares during the last quarter. Jacobi Capital Management LLC increased its position in Elevance Health by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company's stock valued at $325,000 after acquiring an additional 27 shares during the period. McLean Asset Management Corp raised its stake in Elevance Health by 2.3% during the 1st quarter. McLean Asset Management Corp now owns 1,439 shares of the company's stock valued at $620,000 after acquiring an additional 32 shares during the last quarter. Accurate Wealth Management LLC lifted its position in Elevance Health by 5.1% during the 1st quarter. Accurate Wealth Management LLC now owns 674 shares of the company's stock worth $296,000 after acquiring an additional 33 shares during the period. Finally, Forum Financial Management LP grew its stake in shares of Elevance Health by 1.2% in the 4th quarter. Forum Financial Management LP now owns 2,860 shares of the company's stock valued at $1,055,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Price Performance

ELV traded down $2.20 on Friday, hitting $373.71. 2,939,325 shares of the company were exchanged, compared to its average volume of 1,570,419. Elevance Health, Inc. has a fifty-two week low of $357.45 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market capitalization of $84.43 billion, a P/E ratio of 14.58, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60. The business's fifty day moving average is $398.68 and its 200 day moving average is $399.11.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping the consensus estimate of $10.60 by $1.37. The business had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is 26.69%.

Insider Activity

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the sale, the chief financial officer now owns 18,977 shares of the company's stock, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ELV. Truist Financial set a $500.00 price target on Elevance Health and gave the stock a "buy" rating in a research note on Monday, June 9th. Barclays cut their price objective on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating for the company in a research report on Monday, June 2nd. Wall Street Zen upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Royal Bank Of Canada reiterated an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, Robert W. Baird restated a "neutral" rating and issued a $529.00 price objective (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $498.87.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.