OPTIMAS CAPITAL Ltd Purchases New Position in Elevance Health, Inc. (NYSE:ELV)

OPTIMAS CAPITAL Ltd purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,000 shares of the company's stock, valued at approximately $738,000. Elevance Health comprises 1.0% of OPTIMAS CAPITAL Ltd's holdings, making the stock its 25th biggest holding.

A number of other institutional investors have also recently bought and sold shares of the business. State Street Corp increased its position in Elevance Health by 1.2% during the third quarter. State Street Corp now owns 10,687,998 shares of the company's stock worth $5,557,759,000 after buying an additional 129,709 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Elevance Health by 1.8% in the third quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company's stock valued at $2,511,814,000 after purchasing an additional 85,770 shares during the last quarter. Sanders Capital LLC grew its position in shares of Elevance Health by 1.0% in the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company's stock valued at $2,396,814,000 after purchasing an additional 44,805 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company's stock valued at $2,320,024,000 after purchasing an additional 286,905 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its position in Elevance Health by 47.6% during the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company's stock worth $1,189,828,000 after buying an additional 1,039,612 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

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Insiders Place Their Bets

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now directly owns 10,116 shares of the company's stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ELV has been the subject of several recent analyst reports. Stephens cut Elevance Health from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Argus upgraded Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 price target for the company in a research note on Monday, March 17th. Truist Financial cut their target price on Elevance Health from $520.00 to $480.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Wells Fargo & Company lowered their price objective on Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a research report on Tuesday, January 28th. Finally, Barclays boosted their target price on Elevance Health from $501.00 to $512.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $519.81.

Elevance Health Stock Performance

ELV stock traded down $7.01 during midday trading on Friday, reaching $427.27. 3,034,683 shares of the company's stock traded hands, compared to its average volume of 1,317,936. The firm has a market capitalization of $97.14 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a 50-day moving average price of $400.52 and a two-hundred day moving average price of $426.27. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a $1.71 dividend. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health's previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 1.60%. Elevance Health's dividend payout ratio (DPR) is 26.71%.

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.