Summit Global Investments Has $9.21 Million Position in Elevance Health, Inc. (NYSE:ELV)

Summit Global Investments lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 9.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 24,972 shares of the company’s stock after selling 2,544 shares during the quarter. Summit Global Investments’ holdings in Elevance Health were worth $9,212,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. State Street Corp boosted its holdings in Elevance Health by 1.2% during 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 during the last quarter. Geode Capital Management LLC boosted its holdings in Elevance Health by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after acquiring an additional 85,770 shares during the last quarter. Sanders Capital LLC boosted its holdings in Elevance Health by 1.0% during the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after acquiring an additional 44,805 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after acquiring an additional 286,905 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its holdings in Elevance Health by 47.6% during the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock worth $1,189,828,000 after acquiring an additional 1,039,612 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction dated Monday, March 10th. The stock was 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 of the company’s stock, valued at $766,745.11. The trade was a 19.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction dated 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 of the company’s stock, valued at $4,008,970.80. The trade was a 25.73 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Elevance Health Trading Down 1.6 %

Shares of Elevance Health stock opened at $427.27 on Friday. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The stock’s 50-day simple moving average is $400.52 and its 200 day simple moving average is $426.27. The stock has a market capitalization of $97.14 billion, a P/E ratio of 16.68, a P/E/G ratio of 1.18 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is presently 26.71%.

Analyst Ratings Changes

A number of research firms have issued reports on ELV. Wells Fargo & Company cut their price objective 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 downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday. Barclays lifted their target price on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $519.81.

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.