Alberta Investment Management Corp Buys 8,808 Shares of Elevance Health, Inc. (NYSE:ELV)

Alberta Investment Management Corp raised its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 100.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,611 shares of the company's stock after purchasing an additional 8,808 shares during the quarter. Alberta Investment Management Corp's holdings in Elevance Health were worth $6,497,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of ELV. State Street Corp lifted its position in shares of Elevance Health by 1.2% in the third quarter. State Street Corp now owns 10,687,998 shares of the company's stock valued at $5,557,759,000 after buying an additional 129,709 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Elevance Health by 1.8% in the third quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company's stock valued at $2,511,814,000 after buying an additional 85,770 shares during the last quarter. Sanders Capital LLC lifted its position in shares of Elevance Health by 1.0% in the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company's stock valued at $2,396,814,000 after buying an additional 44,805 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company's stock valued at $2,320,024,000 after buying an additional 286,905 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company's stock valued at $1,246,574,000 after buying an additional 334,552 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ELV shares. Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Mizuho dropped their price target on Elevance Health from $585.00 to $505.00 and set an "outperform" rating for the company in a report on Tuesday, November 5th. StockNews.com raised Elevance Health from a "hold" rating to a "buy" rating in a report on Tuesday, February 4th. Stephens cut Elevance Health from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Truist Financial dropped their price target on Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $517.03.

Elevance Health Price Performance

Shares of ELV traded down $5.16 during midday trading on Friday, hitting $385.34. The company's stock had a trading volume of 1,053,536 shares, compared to its average volume of 1,600,283. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26. The company's fifty day simple moving average is $385.18 and its two-hundred day simple moving average is $445.29. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $89.37 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, equities analysts expect that Elevance Health, Inc. will post 34 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a $1.71 dividend. This is a positive change from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.78%. Elevance Health's dividend payout ratio (DPR) is presently 25.46%.

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.