Desjardins Global Asset Management Inc. Boosts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Posted by Defense World Staff on Jul 24th, 2023

Desjardins Global Asset Management Inc. grew its stake in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) by 39.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,267 shares of the company’s stock after buying an additional 924 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Elevance Health were worth $1,502,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Wealth Architects LLC increased its holdings in shares of Elevance Health by 0.7% in the first quarter. Wealth Architects LLC now owns 3,104 shares of the company’s stock valued at $1,427,000 after purchasing an additional 23 shares during the period. Thrive Wealth Management LLC increased its holdings in shares of Elevance Health by 3.3% in the first quarter. Thrive Wealth Management LLC now owns 761 shares of the company’s stock valued at $350,000 after purchasing an additional 24 shares during the period. HM Payson & Co. increased its holdings in shares of Elevance Health by 2.9% in the first quarter. HM Payson & Co. now owns 879 shares of the company’s stock valued at $404,000 after purchasing an additional 25 shares during the period. Halbert Hargrove Global Advisors LLC increased its holdings in shares of Elevance Health by 3.3% in the first quarter. Halbert Hargrove Global Advisors LLC now owns 822 shares of the company’s stock valued at $378,000 after purchasing an additional 26 shares during the period. Finally, Plancorp LLC boosted its stake in shares of Elevance Health by 2.3% in the first quarter. Plancorp LLC now owns 1,436 shares of the company’s stock worth $705,000 after buying an additional 32 shares during the last quarter. 88.30% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 310 shares of Elevance Health stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $476.71, for a total transaction of $147,780.10. Following the transaction, the director now owns 9,638 shares in the company, valued at $4,594,530.98. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on ELV shares. Royal Bank of Canada restated an “outperform” rating and issued a $572.00 target price on shares of Elevance Health in a research note on Thursday. Wells Fargo & Company lowered their target price on Elevance Health from $597.00 to $561.00 in a research note on Monday, April 24th. Truist Financial lowered their target price on Elevance Health from $580.00 to $560.00 in a research note on Tuesday, June 20th. Stephens restated an “overweight” rating and issued a $555.00 target price on shares of Elevance Health in a research note on Thursday. Finally, Loop Capital lowered their target price on Elevance Health from $565.00 to $550.00 and set a “buy” rating on the stock in a research note on Friday, April 21st. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $566.43.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $475.93 on Monday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.44 and a quick ratio of 1.43. The business’s 50 day moving average price is $449.99 and its 200-day moving average price is $465.53. The firm has a market capitalization of $112.15 billion, a PE ratio of 17.83, a P/E/G ratio of 1.20 and a beta of 0.83. Elevance Health, Inc. has a 1 year low of $412.00 and a 1 year high of $549.52.

Elevance Health (NYSE:ELV – Get Free Report) last issued its quarterly earnings results on Wednesday, July 19th. The company reported $9.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.78 by $0.26. The firm had revenue of $43.38 billion for the quarter, compared to analyst estimates of $41.64 billion. Elevance Health had a return on equity of 20.24% and a net margin of 3.87%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the company posted $8.04 earnings per share. As a group, equities research analysts expect that Elevance Health, Inc. will post 32.9 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 8th will be paid a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Thursday, September 7th. Elevance Health’s dividend payout ratio is presently 22.17%.

About Elevance Health

(Free Report)

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.