Norden Group LLC Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

Norden Group LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,720 shares of the company’s stock, valued at approximately $3,486,000.

Several other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Elevance Health during the 4th quarter worth approximately $1,347,434,000. Massachusetts Financial Services Co. MA acquired a new position in Elevance Health during the fourth quarter valued at $467,141,000. Canoe Financial LP lifted its holdings in shares of Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after buying an additional 517,116 shares during the period. Morningstar Investment Services LLC purchased a new position in Elevance Health during the fourth quarter valued at approximately $239,244,000. Finally, International Assets Investment Management LLC lifted its holdings in Elevance Health by 45,888.1% in the fourth quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after acquiring an additional 255,138 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ELV. Truist Financial reissued a “buy” rating and set a $600.00 price target (up from $580.00) on shares of Elevance Health in a report on Friday, April 19th. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. JPMorgan Chase & Co. boosted their price objective on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Royal Bank of Canada increased their target price on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. Finally, Jefferies Financial Group lifted their target price on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $611.36.

Elevance Health Stock Down 1.1 %

NYSE ELV opened at $530.22 on Thursday. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $550.34. The firm has a market cap of $123.23 billion, a PE ratio of 20.04, a P/E/G ratio of 1.18 and a beta of 0.84. The business’s fifty day simple moving average is $534.47 and its 200-day simple moving average is $509.86. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. During the same quarter in the prior year, the company posted $9.46 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

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.