4,864 Shares in Elevance Health, Inc. $ELV Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. made a new investment of approximately $2.12 million in Elevance Health by acquiring 4,864 shares during the first quarter.
• CEO Gail Boudreaux increased her stake in Elevance Health by purchasing 8,500 shares at an average price of $286.94 per share, totaling almost $2.44 million.
• Several analysts have downgraded Elevance Health's stock rating recently, with new price targets set between $316.00 and $485.00, contributing to an average target of $418.19.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,864 shares of the company's stock, valued at approximately $2,116,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ELV. Sagespring Wealth Partners LLC purchased a new position in shares of Elevance Health in the 4th quarter worth about $258,000. CreativeOne Wealth LLC boosted its holdings in shares of Elevance Health by 14.4% in the 4th quarter. CreativeOne Wealth LLC now owns 1,249 shares of the company's stock worth $461,000 after buying an additional 157 shares during the last quarter. United Capital Financial Advisors LLC boosted its holdings in shares of Elevance Health by 103.0% in the 4th quarter. United Capital Financial Advisors LLC now owns 6,096 shares of the company's stock worth $2,249,000 after buying an additional 206,621 shares during the last quarter. Farringdon Capital Ltd. purchased a new position in shares of Elevance Health in the 4th quarter worth about $310,000. Finally, Ally Financial Inc. boosted its holdings in shares of Elevance Health by 200.0% in the 4th quarter. Ally Financial Inc. now owns 12,000 shares of the company's stock worth $4,427,000 after buying an additional 8,000 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Gail Boudreaux purchased 8,500 shares of the stock in a transaction dated Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This represents a 5.96% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

ELV has been the topic of a number of research analyst reports. UBS Group reissued a "buy" rating and issued a $484.00 price target (down from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Robert W. Baird lowered their price objective on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Morgan Stanley lowered their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. Finally, Argus restated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $413.81.

Elevance Health Stock Performance

Elevance Health stock traded up $2.8450 during midday trading on Tuesday, reaching $312.1650. The stock had a trading volume of 669,855 shares, compared to its average volume of 1,961,763. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $567.26. The firm has a market capitalization of $70.29 billion, a PE ratio of 13.28, a P/E/G ratio of 1.13 and a beta of 0.58. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm's 50-day moving average price is $329.92 and its 200 day moving average price is $380.93.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the previous year, the company posted $10.12 earnings per share. The company's quarterly revenue was up 14.3% compared to the same quarter last year. As a group, research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 29.11%.

Elevance Health 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.