Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Elevance Health, Inc. $ELV

Key Points

• Connor Clark & Lunn Investment Management opened a new Elevance Health position, purchasing 13,203 shares valued at approximately $5.1 million. Institutional investors and hedge funds collectively own 89.24% of the company.
• Elevance Health exceeded quarterly expectations, reporting $7.45 in earnings per share and $49.83 billion in revenue, while analysts project $27.18 in full-year EPS.
• The company declared a quarterly dividend of $1.72, equivalent to $6.88 annually and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $440.90.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,203 shares of the company's stock, valued at approximately $5,106,000.

Several other hedge funds have also recently modified their holdings of ELV. BlackRock Inc. purchased a new stake in shares of Elevance Health during the second quarter valued at $7,344,424,000. Wellington Management Group LLP raised its stake in 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 acquiring an additional 1,668,679 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Elevance Health by 27.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company's stock worth $2,610,261,000 after acquiring an additional 1,607,274 shares during the period. Artisan Partners Limited Partnership lifted its position in Elevance Health by 10.0% during the 4th quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company's stock worth $1,764,231,000 after acquiring an additional 455,946 shares during the period. Finally, First Eagle Investment Management LLC grew its stake in Elevance Health by 0.6% during the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company's stock valued at $1,410,219,000 after purchasing an additional 24,271 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Activity

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction 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. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is currently owned by company insiders.

Elevance Health Stock Performance

NYSE ELV opened at $399.17 on Friday. The stock has a market capitalization of $86.57 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 2.30 and a beta of 0.68. The stock has a 50-day moving average of $395.23 and a 200 day moving average of $361.82. 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, Inc. has a twelve month low of $274.84 and a twelve month high of $436.24.

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

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health's dividend payout ratio (DPR) is 30.58%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ELV. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Wells Fargo & Company dropped their target price on Elevance Health from $492.00 to $473.00 and set an "overweight" rating on the stock in a research report on Thursday, July 16th. Robert W. Baird increased their price target on shares of Elevance Health from $331.00 to $393.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. TD Cowen raised their price target 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. Finally, Deutsche Bank Aktiengesellschaft raised shares of Elevance Health from a "hold" rating to a "buy" rating and raised their price target for the stock from $363.00 to $498.00 in a research report on Wednesday, May 20th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus price target of $440.90.

About Elevance Health

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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