Elevance Health, Inc. (NYSE:ELV) Shares Purchased by EdgePoint Investment Group Inc.

EdgePoint Investment Group Inc. grew its stake in Elevance Health, Inc. (NYSE:ELV) by 22.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,601,517 shares of the company’s stock after purchasing an additional 288,825 shares during the period. Elevance Health makes up approximately 4.7% of EdgePoint Investment Group Inc.’s holdings, making the stock its 9th largest holding. EdgePoint Investment Group Inc. owned approximately 0.69% of Elevance Health worth $590,800,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Accredited Wealth Management LLC bought a new position in shares of Elevance Health during the fourth quarter valued at $25,000. Flagship Wealth Advisors LLC acquired a new position in Elevance Health in the fourth quarter valued at about $26,000. OFI Invest Asset Management bought a new stake in Elevance Health during the fourth quarter worth about $29,000. WealthTrak Capital Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth approximately $29,000. Finally, Lee Danner & Bass Inc. acquired a new position in shares of Elevance Health in the 4th quarter worth approximately $30,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Performance

ELV opened at $413.01 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The company has a market capitalization of $93.31 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.18 and a beta of 0.66. The business’s 50-day moving average price is $424.00 and its two-hundred day moving average price is $404.69. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping the consensus estimate of $10.60 by $1.37. The company had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s payout ratio is presently 26.69%.

Insider Activity at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the sale, the chief financial officer now owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This trade represents a 19.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,535 shares of company stock valued at $3,521,612. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on ELV. Mizuho upped their price target on shares of Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 9th. Guggenheim reissued a “buy” rating and set a $518.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Baird R W cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Wells Fargo & Company dropped their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Finally, Barclays raised their price objective on shares of Elevance Health from $512.00 to $522.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $510.38.

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.