Waddell & Associates LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 793 shares of the company’s stock, valued at approximately $407,000.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Sandy Spring Bank acquired a new position in Elevance Health during the fourth quarter valued at approximately $9,690,000. Fosun International Ltd acquired a new position in Elevance Health during the fourth quarter valued at approximately $282,000. PNC Financial Services Group Inc. acquired a new position in Elevance Health during the fourth quarter valued at approximately $40,268,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Elevance Health during the fourth quarter valued at approximately $326,275,000. Finally, Blair William & Co. IL acquired a new position in Elevance Health during the fourth quarter valued at approximately $2,611,000. 87.66% of the stock is owned by institutional investors.
Elevance Health Stock Performance
NYSE ELV traded up $0.60 on Friday, hitting $455.61. 427,610 shares of the stock were exchanged, compared to its average volume of 1,111,692. The company has a market capitalization of $108.01 billion, a PE ratio of 17.70, a P/E/G ratio of 1.16 and a beta of 0.84. The business’s fifty day moving average is $465.71 and its 200 day moving average is $486.75. Elevance Health, Inc. has a 52 week low of $440.02 and a 52 week high of $549.52. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.43 and a quick ratio of 1.43.
Elevance Health (NYSE:ELV – Get Rating) last issued its quarterly earnings data on Wednesday, April 19th. The company reported $9.46 earnings per share for the quarter, beating the consensus estimate of $9.26 by $0.20. The company had revenue of $41.90 billion for the quarter, compared to analyst estimates of $40.93 billion. Elevance Health had a net margin of 3.86% and a return on equity of 20.05%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $8.25 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 32.78 EPS for the current fiscal year.
Elevance Health Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 23rd. Stockholders of record on Friday, June 9th will be given a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend is Thursday, June 8th. Elevance Health’s payout ratio is presently 23.04%.
Insider Activity
In related news, EVP Gloria M. Mccarthy sold 15,098 shares of the company’s stock in a transaction dated Friday, March 24th. The shares were sold at an average price of $444.76, for a total value of $6,714,986.48. Following the transaction, the executive vice president now directly owns 51,435 shares in the company, valued at $22,876,230.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.35% of the company’s stock.
Analysts Set New Price Targets
Several research firms have recently weighed in on ELV. JPMorgan Chase & Co. upped their price target on shares of Elevance Health from $555.00 to $572.00 and gave the company an “overweight” rating in a report on Thursday, February 23rd. TD Cowen reduced their price target on shares of Elevance Health from $577.00 to $564.00 and set an “outperform” rating for the company in a report on Thursday, April 20th. Truist Financial reduced their price target on shares of Elevance Health from $610.00 to $580.00 and set a “buy” rating for the company in a report on Friday, March 24th. Morgan Stanley upgraded shares of Elevance Health from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $500.00 to $571.00 in a report on Thursday, April 27th. Finally, SVB Leerink reiterated an “outperform” rating and issued a $580.00 price target on shares of Elevance Health in a report on Thursday, January 26th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Elevance Health presently has a consensus rating of “Buy” and a consensus price target of $572.19.
Elevance Health Company Profile
Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.
Further Reading
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