DnB Asset Management AS Acquires 3,263 Shares of Elevance Health, Inc. (NYSE:ELV)

DnB Asset Management AS lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 5.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,246 shares of the company’s stock after purchasing an additional 3,263 shares during the quarter. DnB Asset Management AS’s holdings in Elevance Health were worth $21,856,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Dunhill Financial LLC grew its stake in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares during the last quarter. Tobam increased its stake in Elevance Health by 6.6% during the 4th quarter. Tobam now owns 434 shares of the company’s stock valued at $160,000 after purchasing an additional 27 shares in the last quarter. Jacobi Capital Management LLC raised its holdings in Elevance Health by 3.2% in the fourth quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock worth $325,000 after buying an additional 27 shares during the last quarter. Austin Private Wealth LLC lifted its stake in shares of Elevance Health by 1.5% in the fourth quarter. Austin Private Wealth LLC now owns 1,996 shares of the company’s stock worth $736,000 after buying an additional 29 shares in the last quarter. Finally, Quent Capital LLC grew its holdings in shares of Elevance Health by 2.1% during the fourth quarter. Quent Capital LLC now owns 1,488 shares of the company’s stock valued at $549,000 after buying an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ELV shares. StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Barclays increased their price objective on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Argus upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target for the company in a research note on Monday, March 17th. Finally, Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus price target of $519.81.

Insiders Place Their Bets

In other news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s stock in a transaction on 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 sale, the executive vice president now owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Down 0.0 %

Shares of NYSE ELV opened at $431.84 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The firm’s 50-day moving average price is $404.45 and its 200-day moving average price is $422.13. The stock has a market capitalization of $98.18 billion, a price-to-earnings ratio of 16.86, a P/E/G ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV) last released its earnings results 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 return on equity of 18.28% and a net margin of 3.38%. On average, equities research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, March 10th. 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 1.58%. Elevance Health’s payout ratio is 26.71%.

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.