Inkwell Capital LLC Acquires New Holdings in Elevance Health, Inc. (NYSE:ELV)

Inkwell Capital LLC acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,240 shares of the company's stock, valued at approximately $1,195,000. Elevance Health comprises about 1.3% of Inkwell Capital LLC's portfolio, making the stock its 25th largest holding.

A number of other hedge funds also recently made changes to their positions in ELV. Raelipskie Partnership purchased a new stake in Elevance Health during the third quarter valued at about $26,000. Flagship Wealth Advisors LLC purchased a new position in shares of Elevance Health during the 4th quarter valued at about $26,000. OFI Invest Asset Management bought a new stake in Elevance Health in the 4th quarter worth approximately $29,000. WealthTrak Capital Management LLC purchased a new stake in Elevance Health in the fourth quarter worth approximately $29,000. Finally, Lee Danner & Bass Inc. purchased a new stake in Elevance Health in the fourth quarter worth approximately $30,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Trading Up 4.3 %

ELV stock traded up $18.34 during trading on Thursday, reaching $447.67. The company had a trading volume of 1,516,536 shares, compared to its average volume of 1,395,012. The business has a 50 day moving average of $407.13 and a 200 day moving average of $418.89. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The company has a market cap of $101.35 billion, a P/E ratio of 17.48, a PEG ratio of 1.18 and a beta of 0.77. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26.

Remove Ads

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

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were paid a dividend of $1.71 per share. This is an increase from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.53%. Elevance Health's dividend payout ratio (DPR) is currently 26.71%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a report on Tuesday, January 28th. Truist Financial cut their price target on shares of Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. StockNews.com upgraded Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Finally, Stephens cut Elevance Health from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $519.81.

Insider Activity

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm's stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was 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 in the company, valued at approximately $766,745.11. This represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. Company 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.