Elevance Health, Inc. (NYSE:ELV) Shares Sold by Martingale Asset Management L P

Martingale Asset Management L P lessened its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 52.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,039 shares of the company's stock after selling 32,438 shares during the quarter. Martingale Asset Management L P's holdings in Elevance Health were worth $10,712,000 at the end of the most recent reporting period.

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

Elevance Health Trading Down 0.7 %

Shares of ELV traded down $3.10 during mid-day trading on Tuesday, reaching $438.07. The stock had a trading volume of 306,207 shares, compared to its average volume of 1,436,672. 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 firm has a market cap of $99.17 billion, a price-to-earnings ratio of 17.11, a P/E/G ratio of 1.18 and a beta of 0.77. The business's fifty day moving average is $413.71 and its 200 day moving average is $411.99. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26.

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Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) 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%. On average, sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently declared 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 represents a $6.84 dividend on an annualized basis and a yield of 1.56%. 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%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, 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 value of $1,388,635.20. Following the completion of the transaction, the executive vice president now owns 10,116 shares of the company's stock, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ronald W. Penczek sold 443 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. This 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 corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the company. Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the company an "overweight" rating in a report on Friday, January 24th. Truist Financial increased their price objective on shares of Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a report on Friday. Mizuho boosted their target price on shares of Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Finally, Robert W. Baird reissued a "neutral" rating and set a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of "Moderate Buy" and an average target price of $514.41.

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.