Magnetar Financial LLC Sells 7,485 Shares of Elevance Health, Inc. (NYSE:ELV)

Magnetar Financial LLC reduced its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 79.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,961 shares of the company's stock after selling 7,485 shares during the period. Magnetar Financial LLC's holdings in Elevance Health were worth $723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in shares of Elevance Health during the 3rd quarter valued at about $52,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Elevance Health by 460.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,923 shares of the company's stock valued at $2,560,000 after buying an additional 4,044 shares during the period. Advisors Asset Management Inc. increased its holdings in Elevance Health by 57.4% during the third quarter. Advisors Asset Management Inc. now owns 8,377 shares of the company's stock valued at $4,356,000 after buying an additional 3,054 shares during the last quarter. First Horizon Advisors Inc. raised its position in Elevance Health by 6.5% in the third quarter. First Horizon Advisors Inc. now owns 854 shares of the company's stock worth $444,000 after acquiring an additional 52 shares during the period. Finally, Intech Investment Management LLC boosted its stake in shares of Elevance Health by 67.6% during the 3rd quarter. Intech Investment Management LLC now owns 27,070 shares of the company's stock worth $14,076,000 after acquiring an additional 10,915 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Remove Ads

Analyst Upgrades and Downgrades

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

Elevance Health Price Performance

NYSE:ELV traded up $6.82 during trading hours on Wednesday, reaching $430.29. The stock had a trading volume of 1,223,927 shares, compared to its average volume of 1,321,227. The company has a 50 day moving average price of $401.73 and a two-hundred day moving average price of $422.80. 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 quick ratio of 1.50 and a current ratio of 1.45. The stock has a market capitalization of $97.83 billion, a PE ratio of 16.80, a PEG ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were given a $1.71 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.59%. This is a positive change from Elevance Health's previous quarterly dividend of $1.63. Elevance Health's dividend payout ratio (DPR) is currently 26.71%.

Insiders Place Their Bets

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the business'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 transaction, the chief accounting officer now owns 1,847 shares of the company's stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

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.