Elevance Health, Inc. (NYSE:ELV) is Canoe Financial LP’s 9th Largest Position

Canoe Financial LP boosted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 53.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 524,531 shares of the company’s stock after buying an additional 182,807 shares during the period. Elevance Health makes up approximately 2.8% of Canoe Financial LP’s holdings, making the stock its 9th largest holding. Canoe Financial LP owned approximately 0.23% of Elevance Health worth $193,499,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Raelipskie Partnership bought a new position in Elevance Health in the 3rd quarter valued at $26,000. PSI Advisors LLC purchased a new stake in shares of Elevance Health during the third quarter valued at $27,000. Eastern Bank bought a new position in shares of Elevance Health in the third quarter worth about $31,000. Dunhill Financial LLC increased its stake in Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the period. Finally, Peterson Financial Group Inc. bought a new position in Elevance Health in the 3rd quarter worth about $44,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $384.26 on Friday. The company has a 50 day moving average price of $388.79 and a 200 day moving average price of $468.15. The firm has a market capitalization of $89.12 billion, a P/E ratio of 14.01, a PEG ratio of 1.08 and a beta of 0.84. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26.

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

Analysts Set New Price Targets

ELV has been the subject of a number of research reports. Royal Bank of Canada lowered their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Cantor Fitzgerald decreased 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. Morgan Stanley lowered 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. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $536.53.

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.