Arrowstreet Capital Limited Partnership Has $258.19 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Arrowstreet Capital Limited Partnership cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 11.5% in the 4th quarter, Holdings Channel reports. The firm owned 699,881 shares of the company’s stock after selling 90,559 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Elevance Health were worth $258,186,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ELV. Mutual Advisors LLC lifted its position in shares of Elevance Health by 2.5% during the 4th quarter. Mutual Advisors LLC now owns 2,163 shares of the company’s stock worth $833,000 after buying an additional 52 shares during the last quarter. Czech National Bank lifted its holdings in shares of Elevance Health by 6.5% in the fourth quarter. Czech National Bank now owns 50,286 shares of the company’s stock worth $18,551,000 after acquiring an additional 3,049 shares during the last quarter. Benjamin Edwards Inc. boosted its stake in shares of Elevance Health by 1,711.9% in the 3rd quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock valued at $27,858,000 after purchasing an additional 50,603 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Elevance Health by 13.7% during the 4th quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock valued at $8,328,000 after purchasing an additional 2,725 shares during the last quarter. Finally, JB Capital LLC increased its position in Elevance Health by 597.2% during the 4th quarter. JB Capital LLC now owns 9,384 shares of the company’s stock worth $3,462,000 after purchasing an additional 8,038 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $431.84 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The company’s fifty day simple moving average is $404.45 and its 200 day simple moving average is $421.28. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The firm has a market cap of $98.18 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 1.18 and a beta of 0.86.

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%. On average, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.58%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is currently 26.71%.

Insider Activity

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s 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 transaction, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a research report on Friday. Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Argus raised Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price for the company in a report on Monday, March 17th. Barclays increased their target price on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Finally, Wells Fargo & Company reduced their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Elevance Health has a consensus 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.