Greenland Capital Management LP Purchases New Position in Elevance Health, Inc. (NYSE:ELV)

Greenland Capital Management LP acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 702 shares of the company’s stock, valued at approximately $259,000.

Other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC bought a new stake in shares of Elevance Health during the fourth quarter worth about $45,365,000. Bank of Nova Scotia grew its holdings in Elevance Health by 183.0% during the 4th quarter. Bank of Nova Scotia now owns 134,160 shares of the company’s stock worth $49,492,000 after acquiring an additional 86,758 shares during the last quarter. Russell Investments Group Ltd. increased its position in Elevance Health by 5.7% in the 4th quarter. Russell Investments Group Ltd. now owns 535,194 shares of the company’s stock valued at $197,429,000 after acquiring an additional 29,012 shares during the period. Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Elevance Health by 18.8% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 2,000,660 shares of the company’s stock valued at $738,044,000 after acquiring an additional 316,002 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Elevance Health during the fourth quarter worth $44,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction on 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 trade represents a 19.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $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.

Wall Street Analyst Weigh In

Several analysts recently commented on ELV shares. Sanford C. Bernstein reiterated an “outperform” rating on shares of Elevance Health in a report on Friday, March 28th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Barclays boosted their target price on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Stephens downgraded Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Argus raised Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price objective on the stock in a research note on Monday, March 17th. Two 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $519.81.

Elevance Health Price Performance

Elevance Health stock opened at $430.48 on Wednesday. The business’s 50 day simple moving average is $410.03 and its 200 day simple moving average is $415.05. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a market cap of $97.45 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 1.18 and a beta of 0.77. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data 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 return on equity of 18.28% and a net margin of 3.38%. Sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.59%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Monday, March 10th. Elevance Health’s payout ratio is currently 26.71%.

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.