DnB Asset Management AS Acquires 3,263 Shares of Elevance Health, Inc. (NYSE:ELV)

DnB Asset Management AS increased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 5.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 59,246 shares of the company’s stock after buying an additional 3,263 shares during the period. DnB Asset Management AS’s holdings in Elevance Health were worth $21,856,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Ramirez Asset Management Inc. raised its holdings in shares of Elevance Health by 3,636.4% in the 4th quarter. Ramirez Asset Management Inc. now owns 411 shares of the company’s stock worth $152,000 after purchasing an additional 400 shares during the period. Orion Portfolio Solutions LLC grew its stake in shares of Elevance Health by 6,817.8% during the 4th quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company’s stock worth $335,254,000 after acquiring an additional 895,658 shares during the period. High Ground Investment Management LLP increased its holdings in Elevance Health by 205.7% in the 4th quarter. High Ground Investment Management LLP now owns 209,010 shares of the company’s stock worth $77,104,000 after acquiring an additional 140,640 shares during the last quarter. New Age Alpha Advisors LLC raised its stake in Elevance Health by 35,548.3% in the 4th quarter. New Age Alpha Advisors LLC now owns 10,338 shares of the company’s stock valued at $3,814,000 after acquiring an additional 10,309 shares during the period. Finally, Norges Bank purchased a new stake in Elevance Health during the fourth quarter valued at about $1,135,014,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 0.0 %

ELV stock opened at $431.84 on Friday. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26. The company has a market capitalization of $98.18 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company’s 50 day moving average price is $404.45 and its two-hundred day moving average price is $422.13. 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 posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.58%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date was Monday, March 10th. Elevance Health’s payout ratio is presently 26.71%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wells Fargo & Company dropped their price target on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price for the company in a research note on Monday, March 17th. Finally, Truist Financial lowered their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $519.81.

Insider Buying and Selling at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the transaction, the chief accounting officer now directly owns 1,847 shares of the company’s stock, valued at $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.

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.