Elevance Health, Inc. (NYSE:ELV) Stake Cut by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 18.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 284,380 shares of the company's stock after selling 63,899 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.12% of Elevance Health worth $104,823,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ELV. Flagship Wealth Advisors LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at approximately $26,000. OFI Invest Asset Management acquired a new position in shares of Elevance Health during the 4th quarter worth $29,000. WealthTrak Capital Management LLC purchased a new position in shares of Elevance Health in the 4th quarter valued at about $29,000. Lee Danner & Bass Inc. acquired a new stake in shares of Elevance Health in the fourth quarter valued at about $30,000. Finally, Crews Bank & Trust purchased a new stake in Elevance Health during the fourth quarter worth about $34,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ELV shares. Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research note on Friday, January 24th. Sanford C. Bernstein reissued an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Wells Fargo & Company dropped their price target 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. Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Finally, Guggenheim initiated coverage on shares of Elevance Health in a report on Wednesday, April 9th. They set a "buy" rating and a $518.00 target price for the company. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and a consensus target price of $508.81.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $183,902.59. Following the sale, 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 position. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.

Elevance Health Trading Up 2.0 %

NYSE:ELV traded up $8.07 during trading hours on Tuesday, reaching $414.76. 719,117 shares of the company were exchanged, compared to its average volume of 1,444,862. The firm has a market cap of $93.90 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 1.18 and a beta of 0.77. The stock has a 50 day simple moving average of $417.18 and a 200 day simple moving average of $409.20. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The business had revenue of $48.77 billion during the quarter, compared to analysts' expectations of $46.26 billion. As a group, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.65%. This is a boost from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date was Monday, March 10th. Elevance Health's dividend payout ratio is 26.71%.

About Elevance Health

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.