Russell Investments Group Ltd. Grows Position in Elevance Health, Inc. (NYSE:ELV)

Russell Investments Group Ltd. increased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 0.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 610,693 shares of the company’s stock after buying an additional 3,902 shares during the quarter. Elevance Health comprises 0.5% of Russell Investments Group Ltd.’s investment portfolio, making the stock its 21st biggest holding. Russell Investments Group Ltd. owned about 0.26% of Elevance Health worth $287,640,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ELV. International Assets Investment Management LLC grew its stake in shares of Elevance Health by 45,888.1% in the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after purchasing an additional 255,138 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Elevance Health by 212.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 366,833 shares of the company’s stock valued at $159,726,000 after purchasing an additional 249,533 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Elevance Health by 57.7% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 640,905 shares of the company’s stock valued at $279,063,000 after buying an additional 234,439 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Elevance Health by 18.2% in the third quarter. Schroder Investment Management Group now owns 1,330,883 shares of the company’s stock valued at $579,493,000 after buying an additional 204,715 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Elevance Health by 59.3% in the third quarter. Qube Research & Technologies Ltd now owns 491,504 shares of the company’s stock valued at $214,011,000 after buying an additional 182,889 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Truist Financial reaffirmed a “buy” rating and set a $600.00 price objective (up from $580.00) on shares of Elevance Health in a report on Friday, April 19th. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Jefferies Financial Group lifted their price objective on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Finally, Barclays lifted their price objective on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $587.42.

Elevance Health Stock Down 0.4 %

Shares of NYSE:ELV traded down $2.42 during trading on Friday, hitting $537.26. The company’s stock had a trading volume of 700,726 shares, compared to its average volume of 1,135,198. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $542.07. The company has a market capitalization of $124.87 billion, a PE ratio of 20.30, a PEG ratio of 1.19 and a beta of 0.78. The stock’s 50-day moving average price is $511.89 and its two-hundred day moving average price is $486.40. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period in the prior year, the company posted $9.46 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, sell-side analysts expect that Elevance Health, Inc. will post 37.24 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the transaction, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the sale, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

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.