Connor Clark & Lunn Investment Management Ltd. boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 460.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,923 shares of the company's stock after purchasing an additional 4,044 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Elevance Health were worth $2,560,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Bank & Trust Co acquired a new position in Elevance Health during the second quarter worth about $27,000. PSI Advisors LLC acquired a new position in shares of Elevance Health in the 3rd quarter worth approximately $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health in the 2nd quarter worth approximately $28,000. Strategic Financial Concepts LLC bought a new stake in Elevance Health during the second quarter worth approximately $30,000. Finally, Eastern Bank acquired a new position in Elevance Health in the third quarter worth approximately $31,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reduced their price objective on Elevance Health from $585.00 to $478.00 and set an "outperform" rating for the company in a research note on Friday, October 18th. UBS Group decreased their price target on Elevance Health from $605.00 to $555.00 and set a "buy" rating for the company in a research report on Friday, October 18th. Truist Financial restated a "buy" rating and set a $520.00 price objective (down previously from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Cantor Fitzgerald reduced their price target on shares of Elevance Health from $600.00 to $485.00 and set an "overweight" rating for the company in a research report on Friday, October 18th. Finally, Morgan Stanley lowered their price objective on shares of Elevance Health from $643.00 to $551.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $539.20.
View Our Latest Research Report on ELV
In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now owns 8,423 shares of the company's stock, valued at approximately $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.35% of the company's stock.
ELV opened at $402.55 on Monday. The company has a market capitalization of $93.36 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 1.20 and a beta of 0.85. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health, Inc. has a fifty-two week low of $391.02 and a fifty-two week high of $567.26. The business has a 50-day moving average of $460.70 and a 200-day moving average of $508.84.
Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. During the same period in the previous year, the company earned $8.99 earnings per share. The company's quarterly revenue was up 5.3% compared to the same quarter last year. Equities research analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a dividend yield of 1.62%. Elevance Health's dividend payout ratio is presently 23.77%.
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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