Everence Capital Management Inc. Raises Position in Elevance Health, Inc. (NYSE:ELV)

Everence Capital Management Inc. lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 32.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,010 shares of the company’s stock after purchasing an additional 2,210 shares during the period. Everence Capital Management Inc.’s holdings in Elevance Health were worth $4,249,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Roundview Capital LLC boosted its holdings in Elevance Health by 2.9% in the 1st quarter. Roundview Capital LLC now owns 1,858 shares of the company’s stock worth $912,000 after buying an additional 52 shares during the period. Moors & Cabot Inc. bought a new position in Elevance Health in the 1st quarter worth approximately $251,000. Baird Financial Group Inc. boosted its holdings in Elevance Health by 0.4% in the 1st quarter. Baird Financial Group Inc. now owns 14,870 shares of the company’s stock worth $7,305,000 after buying an additional 57 shares during the period. Zions Bancorporation N.A. boosted its holdings in Elevance Health by 52.1% in the 1st quarter. Zions Bancorporation N.A. now owns 893 shares of the company’s stock worth $439,000 after buying an additional 306 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its holdings in Elevance Health by 102.9% in the 1st quarter. Brown Brothers Harriman & Co. now owns 846 shares of the company’s stock worth $416,000 after buying an additional 429 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the sale, the director now owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is owned by insiders.

Elevance Health Trading Up 1.4 %

Elevance Health stock traded up $6.88 during mid-day trading on Tuesday, hitting $506.97. The company’s stock had a trading volume of 1,122,481 shares, compared to its average volume of 1,023,307. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market cap of $117.97 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 1.09 and a beta of 0.78. The business has a 50 day moving average price of $507.68 and a 200-day moving average price of $481.59. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $521.18.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, January 24th. The company reported $5.62 EPS for the quarter, beating the consensus estimate of $5.60 by $0.02. The firm had revenue of $42.45 billion during the quarter, compared to the consensus estimate of $42.19 billion. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.23 earnings per share. As a group, analysts forecast that Elevance Health, Inc. will post 37.03 EPS for the current year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a $1.63 dividend. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, March 7th. Elevance Health’s dividend payout ratio is presently 25.90%.

Wall Street Analyst Weigh In

Several research analysts recently commented on ELV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. Barclays began coverage on shares of Elevance Health in a research report on Wednesday, March 6th. They set an “overweight” rating and a $584.00 price target for the company. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Wells Fargo & Company reduced their price target on shares of Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Finally, Royal Bank of Canada boosted their price target on shares of Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $569.00.

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.