Te Ahumairangi Investment Management Ltd Grows Stake in Elevance Health, Inc. (NYSE:ELV)

Te Ahumairangi Investment Management Ltd boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 14.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,020 shares of the company’s stock after buying an additional 1,512 shares during the quarter. Te Ahumairangi Investment Management Ltd’s holdings in Elevance Health were worth $4,434,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ELV. Edgestream Partners L.P. purchased a new stake in shares of Elevance Health during the third quarter worth approximately $532,000. Erste Asset Management GmbH purchased a new stake in shares of Elevance Health during the third quarter worth $978,000. Paloma Partners Management Co raised its position in shares of Elevance Health by 223.4% in the third quarter. Paloma Partners Management Co now owns 2,264 shares of the company’s stock valued at $1,177,000 after buying an additional 1,564 shares during the last quarter. Hilltop Holdings Inc. lifted its stake in shares of Elevance Health by 2,489.1% in the third quarter. Hilltop Holdings Inc. now owns 11,910 shares of the company’s stock worth $6,193,000 after buying an additional 11,450 shares in the last quarter. Finally, HighVista Strategies LLC acquired a new position in Elevance Health during the third quarter worth about $1,300,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Down 0.4 %

NYSE:ELV opened at $433.02 on Wednesday. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The stock’s fifty day moving average is $406.34 and its two-hundred day moving average is $418.81. The stock has a market capitalization of $98.45 billion, a price-to-earnings ratio of 16.91, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (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%. Research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were issued a $1.71 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.58%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is 26.71%.

Insider Buying and Selling

In other news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on ELV shares. Wells Fargo & Company cut their price objective 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. Sanford C. Bernstein reiterated an “outperform” rating on shares of Elevance Health in a research report on Friday. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target on the stock in a report on Monday, March 17th. Finally, Barclays boosted their price target on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $519.81.

About Elevance Health

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.