Elevance Health, Inc. (NYSE:ELV) Shares Sold by Wright Investors Service Inc.

Wright Investors Service Inc. cut its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 33.0% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 5,551 shares of the company’s stock after selling 2,739 shares during the period. Wright Investors Service Inc.’s holdings in Elevance Health were worth $2,618,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ELV. Norges Bank acquired a new position in Elevance Health during the 4th quarter worth approximately $1,253,211,000. Legal & General Group Plc acquired a new position in Elevance Health during the 4th quarter worth approximately $944,528,000. Moneta Group Investment Advisors LLC acquired a new position in Elevance Health during the 4th quarter worth approximately $664,077,000. Arrowstreet Capital Limited Partnership lifted its position in Elevance Health by 825.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock worth $372,715,000 after acquiring an additional 676,769 shares in the last quarter. Finally, Barclays PLC lifted its position in Elevance Health by 52.9% during the 2nd quarter. Barclays PLC now owns 1,263,401 shares of the company’s stock worth $561,318,000 after acquiring an additional 437,225 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the sale, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is owned by corporate insiders.

Elevance Health Stock Performance

Shares of ELV stock traded up $19.32 on Thursday, hitting $528.29. 1,035,966 shares of the stock traded hands, compared to its average volume of 1,032,020. 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 company has a market capitalization of $122.93 billion, a PE ratio of 21.27, a PEG ratio of 1.11 and a beta of 0.78. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $539.11. The company’s fifty day moving average is $508.17 and its 200 day moving average is $482.29.

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

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were given a $1.63 dividend. The ex-dividend date was Thursday, March 7th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.23%. Elevance Health’s dividend payout ratio (DPR) is currently 25.90%.

Wall Street Analyst Weigh In

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

Elevance Health 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.