Vancity Investment Management Ltd Acquires 2,679 Shares of Elevance Health, Inc. $ELV

Key Points

• Vancity Investment Management increased its Elevance Health stake by 7.3%, adding 2,679 shares to own 39,394 shares valued at approximately $15.2 million. Institutional investors collectively own 89.24% of the company.
• Elevance Health reported quarterly EPS of $7.45, beating estimates of $6.21, while revenue reached $49.83 billion versus expectations of $48.88 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $440.90.
• The company declared a quarterly dividend of $1.72 per share, equivalent to $6.88 annually and a 1.7% yield, payable September 25 to shareholders of record as of September 10.

Vancity Investment Management Ltd grew its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 7.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 39,394 shares of the company's stock after purchasing an additional 2,679 shares during the period. Elevance Health makes up approximately 2.3% of Vancity Investment Management Ltd's holdings, making the stock its 14th largest position. Vancity Investment Management Ltd's holdings in Elevance Health were worth $15,235,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ELV. California State Teachers Retirement System grew its stake in shares of Elevance Health by 37,390.0% in the second quarter. California State Teachers Retirement System now owns 124,019,670 shares of the company's stock worth $47,962,127,000 after acquiring an additional 123,688,863 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Elevance Health in the 2nd quarter worth about $7,344,424,000. Bank of New York Mellon Corp bought a new position in Elevance Health in the 2nd quarter worth about $1,246,349,000. Norges Bank bought a new position in Elevance Health in the 4th quarter worth about $1,058,165,000. Finally, Legal & General Group Plc purchased a new stake in Elevance Health during the 2nd quarter valued at about $688,469,000. 89.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of analyst reports. Mizuho raised their price objective on shares of Elevance Health from $435.00 to $465.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. Bank of America upped their target price on shares of Elevance Health from $435.00 to $460.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. increased their price target on shares of Elevance Health from $411.00 to $476.00 and gave the company an "overweight" rating in a report on Monday, June 8th. Barclays reduced their price target on shares of Elevance Health from $480.00 to $457.00 and set an "overweight" rating for the company in a research report on Thursday, July 16th. Finally, UBS Group boosted their price objective on shares of Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a report on Friday, May 22nd. 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, the company presently has an average rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $407.05 on Monday. Elevance Health, Inc. has a fifty-two week low of $274.84 and a fifty-two week high of $436.24. The business has a 50-day simple moving average of $396.72 and a two-hundred day simple moving average of $364.70. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The firm has a market cap of $88.28 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 2.12 and a beta of 0.69.

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

Elevance Health Announces Dividend

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

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert Dixon, Jr. sold 151 shares of the business's stock in a transaction on 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 directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.34% of the company's stock.

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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