Alberta Investment Management Corp Boosts Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Alberta Investment Management Corp lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 100.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,611 shares of the company’s stock after acquiring an additional 8,808 shares during the quarter. Alberta Investment Management Corp’s holdings in Elevance Health were worth $6,497,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of ELV. Sequoia Financial Advisors LLC increased its position in shares of Elevance Health by 5.3% during the third quarter. Sequoia Financial Advisors LLC now owns 6,665 shares of the company’s stock worth $3,466,000 after acquiring an additional 337 shares during the period. Eastern Bank purchased a new position in Elevance Health in the third quarter valued at $31,000. Waldron Private Wealth LLC increased its holdings in Elevance Health by 7.2% in the third quarter. Waldron Private Wealth LLC now owns 1,143 shares of the company’s stock valued at $594,000 after buying an additional 77 shares during the last quarter. GAM Holding AG increased its holdings in Elevance Health by 0.8% in the third quarter. GAM Holding AG now owns 15,741 shares of the company’s stock valued at $8,185,000 after buying an additional 121 shares during the last quarter. Finally, Lecap Asset Management Ltd. purchased a new position in Elevance Health in the third quarter valued at $2,008,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of ELV opened at $391.86 on Thursday. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The company has a market capitalization of $90.88 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 1.17 and a beta of 0.83. The firm has a 50-day simple moving average of $384.93 and a 200-day simple moving average of $445.67. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, equities research analysts anticipate that Elevance Health, Inc. will post 34 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a $1.71 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.75%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is presently 25.46%.

Wall Street Analysts Forecast Growth

ELV has been the topic of several recent analyst reports. StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a report on Tuesday, February 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Mizuho dropped their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $517.03.

About Elevance Health

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.