AGF Management Ltd. Increases Stake in Elevance Health, Inc. (NYSE:ELV)

AGF Management Ltd. lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 10.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,782 shares of the company’s stock after acquiring an additional 924 shares during the period. AGF Management Ltd.’s holdings in Elevance Health were worth $3,609,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Raelipskie Partnership purchased a new position in Elevance Health in the third quarter valued at approximately $26,000. OFI Invest Asset Management purchased a new position in Elevance Health in the fourth quarter valued at approximately $29,000. Crews Bank & Trust purchased a new position in Elevance Health in the fourth quarter valued at approximately $34,000. Dunhill Financial LLC raised its holdings in Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after buying an additional 26 shares during the period. Finally, Peterson Financial Group Inc. purchased a new position in Elevance Health in the third quarter valued at approximately $44,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Down 2.3 %

ELV stock opened at $412.13 on Thursday. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $93.70 billion, a P/E ratio of 16.09, a PEG ratio of 1.18 and a beta of 0.86. The firm has a 50 day simple moving average of $393.40 and a 200-day simple moving average of $431.42.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, equities research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be paid a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 1.66%. Elevance Health’s dividend payout ratio (DPR) is 26.71%.

Analysts Set New Price Targets

Several research firms recently commented on ELV. Cantor Fitzgerald restated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Argus restated a “hold” rating and issued a $405.40 price target on shares of Elevance Health in a report on Wednesday, January 29th. Barclays increased their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Truist Financial lowered their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Wells Fargo & Company lowered their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Insider Buying and Selling

In related news, CAO Ronald W. Penczek sold 443 shares of the firm’s 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 directly owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company 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.