Connor Clark & Lunn Investment Management Ltd. Acquires 4,044 Shares of Elevance Health, Inc. (NYSE:ELV)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 460.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,923 shares of the company’s stock after purchasing an additional 4,044 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Elevance Health were worth $2,560,000 at the end of the most recent reporting period.

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

Elevance Health Price Performance

Shares of ELV stock opened at $402.55 on Monday. The firm has a market capitalization of $93.36 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.20 and a beta of 0.85. Elevance Health, Inc. has a 12-month low of $391.02 and a 12-month high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a fifty day moving average of $460.70 and a 200-day moving average of $508.84.

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

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Thursday, December 5th. Elevance Health’s payout ratio is currently 23.77%.

Analyst Ratings Changes

Several equities research analysts have recently commented 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 research note on Friday, October 18th. Cantor Fitzgerald dropped their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Finally, Barclays cut their price objective on shares of Elevance Health from $622.00 to $501.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $539.20.

Insider Activity

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health 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 sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.35% of the company’s stock.

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.