Generate Investment Management Ltd Buys 20,725 Shares of Elevance Health, Inc. (NYSE:ELV)

Generate Investment Management Ltd increased its stake in Elevance Health, Inc. (NYSE:ELV) by 38.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 73,937 shares of the company’s stock after acquiring an additional 20,725 shares during the period. Elevance Health comprises about 1.9% of Generate Investment Management Ltd’s holdings, making the stock its 14th largest holding. Generate Investment Management Ltd’s holdings in Elevance Health were worth $27,275,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Lecap Asset Management Ltd. boosted its stake in shares of Elevance Health by 28.2% during the fourth quarter. Lecap Asset Management Ltd. now owns 4,953 shares of the company’s stock valued at $1,827,000 after purchasing an additional 1,091 shares during the period. Golden State Wealth Management LLC bought a new stake in Elevance Health during the 4th quarter valued at $75,000. Iridian Asset Management LLC CT boosted its position in Elevance Health by 53.7% during the 4th quarter. Iridian Asset Management LLC CT now owns 60,197 shares of the company’s stock valued at $22,207,000 after buying an additional 21,043 shares during the period. Tobam grew its holdings in Elevance Health by 6.6% in the 4th quarter. Tobam now owns 434 shares of the company’s stock worth $160,000 after acquiring an additional 27 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Elevance Health by 0.7% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 28,036 shares of the company’s stock valued at $10,339,000 after acquiring an additional 200 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on ELV shares. Mizuho dropped their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Raymond James set a $485.00 price objective on Elevance Health in a research report on Friday, October 18th. Wells Fargo & Company decreased their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Argus restated a “hold” rating and issued a $405.40 price objective on shares of Elevance Health in a report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Price Performance

ELV stock opened at $389.94 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The firm has a market capitalization of $90.43 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 1.19 and a beta of 0.83. The firm has a 50 day moving average price of $386.20 and a 200-day moving average price of $454.49. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, January 23rd. The company reported $3.84 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%. Equities research analysts forecast that Elevance Health, Inc. will post 34.07 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) is currently 25.46%.

Elevance Health 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.