Intech Investment Management LLC Has $30.31 Million Holdings in Elevance Health, Inc. (NYSE:ELV)

Intech Investment Management LLC cut its stake in Elevance Health, Inc. (NYSE:ELV) by 31.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 64,267 shares of the company’s stock after selling 29,134 shares during the period. Intech Investment Management LLC’s holdings in Elevance Health were worth $30,306,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ELV. Private Advisor Group LLC boosted its stake in Elevance Health by 14.3% in the 3rd quarter. Private Advisor Group LLC now owns 12,749 shares of the company’s stock worth $5,551,000 after purchasing an additional 1,592 shares during the period. SageView Advisory Group LLC boosted its stake in shares of Elevance Health by 25.1% during the 3rd quarter. SageView Advisory Group LLC now owns 677 shares of the company’s stock worth $297,000 after buying an additional 136 shares during the last quarter. MGO One Seven LLC boosted its stake in shares of Elevance Health by 35.1% during the 3rd quarter. MGO One Seven LLC now owns 2,150 shares of the company’s stock worth $936,000 after buying an additional 558 shares during the last quarter. NBC Securities Inc. acquired a new position in shares of Elevance Health during the 3rd quarter worth about $697,000. Finally, Pinnacle Financial Partners Inc boosted its stake in shares of Elevance Health by 4.1% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 3,226 shares of the company’s stock worth $1,405,000 after buying an additional 128 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on ELV shares. Royal Bank of Canada increased their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. Cantor Fitzgerald restated an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a research note on Wednesday, April 10th. Barclays increased their price objective on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Jefferies Financial Group raised their target price on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Finally, Truist Financial reiterated a “buy” rating and issued a $600.00 target price (up from $580.00) on shares of Elevance Health in a research note on Friday, April 19th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $587.42.

Elevance Health Stock Performance

Shares of ELV traded down $22.53 during mid-day trading on Friday, hitting $521.41. 1,533,777 shares of the company’s stock were exchanged, compared to its average volume of 785,444. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $550.34. The stock’s 50-day simple moving average is $523.69 and its 200-day simple moving average is $498.11. The firm has a market cap of $121.19 billion, a price-to-earnings ratio of 19.71, a price-to-earnings-growth ratio of 1.15 and a beta of 0.79. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. During the same period last year, the firm earned $9.46 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts expect that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.25%. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.35% of the stock is currently owned by insiders.

Elevance Health Company 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.