OVERSEA CHINESE BANKING Corp Ltd Acquires New Shares in Elevance Health, Inc. (NYSE:ELV)

OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Elevance Health, Inc. (NYSE:ELV - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 697 shares of the company's stock, valued at approximately $259,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Mutual Advisors LLC lifted its stake in Elevance Health by 2.5% in the 4th quarter. Mutual Advisors LLC now owns 2,163 shares of the company's stock valued at $833,000 after purchasing an additional 52 shares during the last quarter. Czech National Bank raised its stake in Elevance Health by 6.5% in the fourth quarter. Czech National Bank now owns 50,286 shares of the company's stock valued at $18,551,000 after buying an additional 3,049 shares during the period. Benjamin Edwards Inc. lifted its position in shares of Elevance Health by 1,711.9% in the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company's stock valued at $27,858,000 after buying an additional 50,603 shares during the last quarter. Diversified Trust Co boosted its stake in shares of Elevance Health by 13.7% during the 4th quarter. Diversified Trust Co now owns 22,576 shares of the company's stock worth $8,328,000 after acquiring an additional 2,725 shares during the period. Finally, JB Capital LLC increased its holdings in shares of Elevance Health by 597.2% during the 4th quarter. JB Capital LLC now owns 9,384 shares of the company's stock worth $3,462,000 after acquiring an additional 8,038 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ELV shares. Truist Financial reduced their price objective 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. StockNews.com upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Argus upgraded shares of Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 price target on the stock in a research note on Monday, March 17th. Wells Fargo & Company lowered their price target on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a report on Tuesday, January 28th. Finally, Stephens downgraded Elevance Health from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $519.81.

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Elevance Health Price Performance

Shares of NYSE:ELV traded down $4.20 during trading on Tuesday, reaching $423.03. 1,309,735 shares of the company traded hands, compared to its average volume of 1,319,262. The firm has a market capitalization of $96.18 billion, a PE ratio of 16.52, a PEG 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 quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The company's 50 day moving average is $401.13 and its two-hundred day moving average is $423.64.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data 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 net margin of 3.38% and a return on equity of 18.28%. As a group, sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.62%. This is a boost from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health's dividend payout ratio (DPR) 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 Elevance Health 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 $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 is available at this link. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction dated 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 directly 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. 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.