Elevance Health, Inc. (NYSE:ELV) Shares Bought by Intech Investment Management LLC

Intech Investment Management LLC grew its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 42.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 38,617 shares of the company’s stock after purchasing an additional 11,547 shares during the period. Intech Investment Management LLC’s holdings in Elevance Health were worth $14,246,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ELV. Generali Asset Management SPA SGR acquired a new position in shares of Elevance Health during the 4th quarter worth approximately $11,077,000. Horizon Investments LLC raised its position in shares of Elevance Health by 1.0% during the 4th quarter. Horizon Investments LLC now owns 3,852 shares of the company’s stock worth $1,421,000 after purchasing an additional 40 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Elevance Health by 54.1% during the 4th quarter. Advisors Asset Management Inc. now owns 12,912 shares of the company’s stock worth $4,763,000 after purchasing an additional 4,535 shares during the last quarter. Axxcess Wealth Management LLC raised its position in shares of Elevance Health by 48.1% during the 4th quarter. Axxcess Wealth Management LLC now owns 1,509 shares of the company’s stock worth $557,000 after purchasing an additional 490 shares during the last quarter. Finally, Tocqueville Asset Management L.P. raised its position in shares of Elevance Health by 7.9% during the 4th quarter. Tocqueville Asset Management L.P. now owns 9,171 shares of the company’s stock worth $3,383,000 after purchasing an additional 670 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the stock. Barclays lifted their target price on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Argus raised shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price for the company in a research note on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Wells Fargo & Company lowered their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Finally, Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $519.81.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’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 sale, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 sale, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $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 Stock Performance

Shares of ELV stock opened at $431.29 on Tuesday. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. 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 capitalization of $98.06 billion, a P/E ratio of 16.84, a P/E/G ratio of 1.18 and a beta of 0.86. The company’s fifty day moving average price is $396.48 and its two-hundred day moving average price is $427.94.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping 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%. On average, research 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 announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders 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 dividend yield of 1.59%. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is 26.71%.

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.