Summit Global Investments reduced its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,972 shares of the company's stock after selling 2,544 shares during the period. Summit Global Investments' holdings in Elevance Health were worth $9,212,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of ELV. Prospera Private Wealth LLC purchased a new position in shares of Elevance Health in the 3rd quarter valued at approximately $52,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Elevance Health by 460.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,923 shares of the company's stock worth $2,560,000 after purchasing an additional 4,044 shares in the last quarter. Advisors Asset Management Inc. lifted its position 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 period. First Horizon Advisors Inc. boosted its holdings in shares of Elevance Health by 6.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 854 shares of the company's stock valued at $444,000 after buying an additional 52 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Elevance Health by 67.6% in the 3rd quarter. Intech Investment Management LLC now owns 27,070 shares of the company's stock worth $14,076,000 after buying an additional 10,915 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Elevance Health
In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction 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 in the company, valued at $766,745.11. The trade was a 19.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company's stock, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.
Elevance Health Stock Performance
Elevance Health stock traded up $6.82 during mid-day trading on Wednesday, reaching $430.29. 1,224,427 shares of the stock traded hands, compared to its average volume of 1,321,227. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The business's 50-day moving average is $401.73 and its 200-day moving average is $422.80. 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 stock has a market capitalization of $97.83 billion, a PE ratio of 16.80, a price-to-earnings-growth 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 EPS for the quarter, beating 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 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 issued a dividend of $1.71 per share. 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 an increase from Elevance Health's previous quarterly dividend of $1.63. Elevance Health's payout ratio is currently 26.71%.
Analyst Ratings Changes
A number of brokerages recently issued reports on ELV. Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Wells Fargo & Company lowered their target price 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. Stephens downgraded 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. Argus upgraded Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 price objective for the company in a research note on Monday, March 17th. Finally, Barclays boosted their target price on Elevance Health from $501.00 to $512.00 and gave the stock an "overweight" rating in a report on Friday, January 24th. Two equities research 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $519.81.
Read Our Latest Stock Analysis on Elevance Health
About Elevance Health
(
Free Report)
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.
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