Pensionfund Sabic Raises Position in Elevance Health, Inc. (NYSE:ELV)

Pensionfund Sabic lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 59.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,850 shares of the company’s stock after buying an additional 1,800 shares during the period. Pensionfund Sabic’s holdings in Elevance Health were worth $1,789,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ELV. State Street Corp grew its stake in shares of Elevance Health by 1.2% in the 3rd quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after acquiring an additional 129,709 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Elevance Health by 1.8% during the third quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after purchasing an additional 85,770 shares during the last quarter. Sanders Capital LLC grew its position in Elevance Health by 1.0% in the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after purchasing an additional 44,805 shares in the last quarter. Wellington Management Group LLP increased its stake in Elevance Health by 6.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after buying an additional 286,905 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Elevance Health by 5.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after buying an additional 190,118 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the transaction, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.35% of the stock is currently owned by company insiders.

Elevance Health Trading Up 2.3 %

Shares of ELV traded up $8.67 during mid-day trading on Monday, hitting $380.23. 198,103 shares of the company’s stock traded hands, compared to its average volume of 849,216. The firm has a market capitalization of $88.18 billion, a P/E ratio of 13.86, a PEG ratio of 1.15 and a beta of 0.84. The business’s 50-day moving average price is $394.43 and its 200-day moving average price is $476.77. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same period in the prior year, the business posted $8.99 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Thursday, December 5th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.71%. The ex-dividend date was Thursday, December 5th. Elevance Health’s dividend payout ratio is currently 23.77%.

Analysts Set New Price Targets

A number of analysts recently commented on ELV shares. Raymond James set a $485.00 price target on Elevance Health in a research report on Friday, October 18th. Mizuho decreased their price objective 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. Argus downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. StockNews.com downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada reduced their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $536.53.

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.