Intech Investment Management LLC Increases Stock Position in Elevance Health, Inc. (NYSE:ELV)

Intech Investment Management LLC grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 42.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,617 shares of the company’s stock after purchasing an additional 11,547 shares during the quarter. Intech Investment Management LLC’s holdings in Elevance Health were worth $14,246,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Raelipskie Partnership purchased a new position in shares of Elevance Health in the third quarter valued at approximately $26,000. Flagship Wealth Advisors LLC purchased a new position in shares of Elevance Health in the fourth quarter valued at approximately $26,000. Dunhill Financial LLC boosted 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 valued at $37,000 after purchasing an additional 26 shares during the period. OFI Invest Asset Management purchased a new position in shares of Elevance Health in the fourth quarter valued at approximately $29,000. Finally, Crews Bank & Trust purchased a new position in shares of Elevance Health in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $431.29 on Tuesday. The firm’s fifty day simple moving average is $396.48 and its 200-day simple moving average is $427.94. The stock has a market capitalization of $98.06 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 1.18 and a beta of 0.86. 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.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating 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%. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.59%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s payout ratio is presently 26.71%.

Analysts Set New Price Targets

Several research analysts have recently commented on ELV shares. Argus raised shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price objective for the company in a research note on Monday. Barclays raised their target price on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Truist Financial reduced their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $519.81.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction on 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 transaction, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

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.