Elevance Health, Inc. (NYSE:ELV) Holdings Increased by Bank of Montreal Can

Bank of Montreal Can increased its stake in Elevance Health, Inc. (NYSE:ELV) by 1.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,408 shares of the company’s stock after acquiring an additional 5,269 shares during the period. Bank of Montreal Can owned approximately 0.15% of Elevance Health worth $184,120,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ELV. Bank & Trust Co bought a new stake in Elevance Health during the second quarter worth approximately $27,000. PSI Advisors LLC bought a new stake in shares of Elevance Health during the 3rd quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health during the 2nd quarter worth $28,000. Strategic Financial Concepts LLC acquired a new position in shares of Elevance Health in the 2nd quarter worth $30,000. Finally, Eastern Bank acquired a new stake in shares of Elevance Health during the third quarter worth $31,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

ELV stock opened at $407.59 on Tuesday. The company has a 50 day moving average price of $457.79 and a 200 day moving average price of $507.92. Elevance Health, Inc. has a fifty-two week low of $391.02 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The stock has a market capitalization of $94.53 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.20 and a beta of 0.85.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.99 EPS. Analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio is 23.77%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ELV shares. Morgan Stanley decreased their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Royal Bank of Canada decreased their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. UBS Group dropped their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Stephens restated an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Finally, Mizuho lowered their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. 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 given a strong buy rating to the company. According to data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by insiders.

Elevance Health 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.