Vancity Investment Management Ltd Makes New $20.61 Million Investment in Elevance Health, Inc. $ELV

Key Points

• Vancity Investment Management Ltd has made a new investment of approximately $20.61 million in Elevance Health, Inc., acquiring 47,387 shares, which now constitutes 2.8% of its portfolio.
• Several hedge funds have increased their stakes in Elevance Health, indicating strong institutional interest, with 89.24% of the stock owned by institutional investors.
• Elevance Health recently reported $8.84 earnings per share for the last quarter, missing analysts' expectations, but generated revenue of $49.42 billion, exceeding estimates.

Vancity Investment Management Ltd purchased a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 47,387 shares of the company's stock, valued at approximately $20,611,000. Elevance Health makes up 2.8% of Vancity Investment Management Ltd's portfolio, making the stock its 14th biggest holding.

Several other hedge funds have also modified their holdings of the stock. CWA Asset Management Group LLC purchased a new stake in Elevance Health in the 1st quarter worth about $299,000. GAMMA Investing LLC lifted its stake in Elevance Health by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after acquiring an additional 1,588 shares in the last quarter. Ritholtz Wealth Management lifted its stake in Elevance Health by 185.7% in the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after acquiring an additional 2,004 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in Elevance Health by 15.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock worth $2,922,000 after acquiring an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Elevance Health by 36.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after acquiring an additional 7,410 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ELV. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. UBS Group cut their price target on Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a research note on Friday. Argus reaffirmed a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Truist Financial cut their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Finally, Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $411.06.

Elevance Health Stock Performance

NYSE ELV opened at $313.79 on Monday. The company's fifty day moving average is $312.04 and its two-hundred day moving average is $373.20. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $559.95. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market capitalization of $70.66 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 1.15 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $48.26 billion. During the same period in the previous year, the business posted $10.12 EPS. Elevance Health's revenue for the quarter was up 14.3% compared to the same quarter last year. Equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio is currently 29.11%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Susan D. Devore acquired 1,200 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was purchased at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction on Friday, July 18th. The stock was acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the transaction, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

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.

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