Canada Pension Plan Investment Board Sells 117,595 Shares of Elevance Health, Inc. (NYSE:ELV)

Canada Pension Plan Investment Board cut its stake in Elevance Health, Inc. (NYSE:ELV) by 20.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 450,770 shares of the company’s stock after selling 117,595 shares during the quarter. Canada Pension Plan Investment Board owned 0.19% of Elevance Health worth $244,254,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Tower Research Capital LLC TRC increased its stake in Elevance Health by 114.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after purchasing an additional 16,737 shares in the last quarter. Brave Warrior Advisors LLC grew its holdings in shares of Elevance Health by 7.9% in the 4th quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock valued at $828,367,000 after buying an additional 129,055 shares during the period. New Mexico Educational Retirement Board increased its position in shares of Elevance Health by 14.6% in the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after buying an additional 1,800 shares in the last quarter. Bank of Nova Scotia increased its position in shares of Elevance Health by 276.0% in the 4th quarter. Bank of Nova Scotia now owns 82,331 shares of the company’s stock valued at $38,823,000 after buying an additional 60,436 shares in the last quarter. Finally, Blair William & Co. IL raised its stake in Elevance Health by 119.7% during the 1st quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock worth $6,292,000 after buying an additional 6,610 shares during the period. 89.24% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now directly owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. TD Cowen cut their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. Finally, Royal Bank of Canada increased their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $604.29.

Elevance Health Trading Down 0.3 %

Shares of NYSE:ELV opened at $538.00 on Friday. The company’s 50-day moving average price is $536.11 and its two-hundred day moving average price is $528.84. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market capitalization of $125.04 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.99 by $0.13. The business had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company posted $9.04 earnings per share. On average, equities analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. Elevance Health’s payout ratio is 24.64%.

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.