Canada Pension Plan Investment Board Takes $261.53 Million Position in Elevance Health, Inc. $ELV

by · The Markets Daily

Canada Pension Plan Investment Board purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 676,260 shares of the company’s stock, valued at approximately $261,530,000. Canada Pension Plan Investment Board owned approximately 0.31% of Elevance Health as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Elevance Health in the 2nd quarter worth $7,344,424,000. Wellington Management Group LLP lifted its holdings in shares of Elevance Health by 25.2% during the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after purchasing an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Elevance Health by 27.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock valued at $2,610,261,000 after purchasing an additional 1,607,274 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Elevance Health by 10.0% during the fourth quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company’s stock valued at $1,764,231,000 after buying an additional 455,946 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its holdings in Elevance Health by 0.6% in the 4th quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company’s stock worth $1,410,219,000 after buying an additional 24,271 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health 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 transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ELV shares. Mizuho boosted their target price on Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Elevance Health in a report on Thursday, August 13th. Citigroup upgraded shares of Elevance Health to a “buy” rating in a research note on Wednesday, April 29th. Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, TD Cowen raised their target price on shares of Elevance Health from $400.00 to $465.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Get Our Latest Report on Elevance Health

Elevance Health Trading Down 1.0%

Shares of NYSE:ELV opened at $398.64 on Wednesday. The stock’s 50-day simple moving average is $394.81 and its two-hundred day simple moving average is $360.90. The stock has a market capitalization of $86.45 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 2.31 and a beta of 0.68. Elevance Health, Inc. has a 52-week low of $274.84 and a 52-week high of $436.24. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52.

Elevance Health (NYSE:ELV – Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the prior year, the firm earned $8.84 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio is currently 30.58%.

About Elevance Health

(Free Report)

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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