Bank of Montreal Can Purchases 5,269 Shares of Elevance Health, Inc. (NYSE:ELV)

Bank of Montreal Can grew its position in Elevance Health, Inc. (NYSE:ELV) by 1.5% in the 3rd quarter, Holdings Channel.com reports. 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’s holdings in Elevance Health were worth $184,120,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Bank & Trust Co bought a new stake in shares of Elevance Health in the second quarter worth about $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Elevance Health in the 2nd quarter valued at approximately $28,000. PSI Advisors LLC acquired a new position in shares of Elevance Health in the 3rd quarter valued at approximately $27,000. Eastern Bank bought a new stake in Elevance Health during the 3rd quarter worth approximately $31,000. Finally, Peterson Financial Group Inc. acquired a new stake in Elevance Health during the 3rd quarter worth approximately $44,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of ELV opened at $407.59 on Tuesday. The company’s 50-day moving average is $457.79 and its 200-day moving average is $507.92. 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 firm has a market capitalization of $94.53 billion, a PE ratio of 14.86, a PEG ratio of 1.20 and a beta of 0.85. Elevance Health, Inc. has a fifty-two week low of $391.02 and a fifty-two week high of $567.26.

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

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be paid a $1.63 dividend. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.60%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ELV shares. Royal Bank of Canada lowered their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Barclays cut their price target on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Raymond James set a $485.00 target price on Elevance Health in a research report on Friday, October 18th. Finally, Argus cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.29% of the company’s stock.

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.