Elevance Health, Inc. $ELV Stock Position Raised by Iridian Asset Management LLC CT

Iridian Asset Management LLC CT raised its holdings in Elevance Health, Inc. (NYSE:ELV) by 11.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 52,103 shares of the company’s stock after purchasing an additional 5,481 shares during the period. Elevance Health comprises approximately 6.6% of Iridian Asset Management LLC CT’s holdings, making the stock its 4th largest holding. Iridian Asset Management LLC CT’s holdings in Elevance Health were worth $16,836,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Canoe Financial LP lifted its holdings in Elevance Health by 18.1% in the third quarter. Canoe Financial LP now owns 389,399 shares of the company’s stock worth $125,823,000 after purchasing an additional 59,743 shares during the period. Synergy Asset Management LLC increased its position in shares of Elevance Health by 100.0% during the 3rd quarter. Synergy Asset Management LLC now owns 104,334 shares of the company’s stock valued at $33,712,000 after purchasing an additional 52,167 shares during the period. OLD National Bancorp IN boosted its stake in Elevance Health by 44.8% during the second quarter. OLD National Bancorp IN now owns 6,267 shares of the company’s stock valued at $2,438,000 after buying an additional 1,939 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of Elevance Health by 3.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 21,213 shares of the company’s stock worth $8,251,000 after purchasing an additional 790 shares in the last quarter. Finally, Lombard Odier Asset Management Switzerland SA boosted its holdings in Elevance Health by 14.3% during the second quarter. Lombard Odier Asset Management Switzerland SA now owns 14,162 shares of the company’s stock worth $5,508,000 after buying an additional 1,768 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of ELV opened at $372.80 on Monday. The business’s 50-day moving average is $338.20 and its 200-day moving average is $327.98. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market capitalization of $82.85 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 1.92 and a beta of 0.51. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The firm had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. During the same period in the previous year, the firm posted $8.37 earnings per share. The firm’s revenue was up 12.0% on a year-over-year basis. Equities research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were paid a $1.71 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.8%. Elevance Health’s dividend payout ratio is 27.96%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price target on Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. TD Cowen increased their price target on Elevance Health from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, November 26th. Morgan Stanley dropped their price target on Elevance Health from $359.00 to $352.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 17th. Wells Fargo & Company upped their price objective on shares of Elevance Health from $403.00 to $424.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Bank of America lifted their target price on shares of Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. Thirteen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $400.85.

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.