Los Angeles Capital Management LLC Grows Position in Elevance Health, Inc. (NYSE:ELV)

Los Angeles Capital Management LLC raised its position in shares of Elevance Health, Inc. (NYSE:ELV) by 105.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 172,810 shares of the company’s stock after acquiring an additional 88,546 shares during the period. Los Angeles Capital Management LLC owned approximately 0.07% of Elevance Health worth $81,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. OFI Invest Asset Management purchased a new position in Elevance Health in the third quarter worth about $25,000. Alaska Permanent Fund Corp purchased a new position in shares of Elevance Health in the 4th quarter worth approximately $31,000. Hexagon Capital Partners LLC increased its position in shares of Elevance Health by 63.0% during the 4th quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock valued at $35,000 after purchasing an additional 29 shares during the last quarter. ORG Partners LLC purchased a new stake in Elevance Health during the 4th quarter valued at $40,000. Finally, Orion Capital Management LLC bought a new stake in Elevance Health in the third quarter worth $46,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ELV. Royal Bank of Canada boosted their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. Jefferies Financial Group increased their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Barclays boosted their target price on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $580.00 price target on shares of Elevance Health in a report on Wednesday, April 10th. Finally, StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $587.42.

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 sale, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Ramiro G. Peru sold 753 shares of the company’s 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 sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

Elevance Health Stock Up 0.2 %

Shares of ELV stock traded up $1.27 during mid-day trading on Thursday, hitting $526.11. The stock had a trading volume of 418,460 shares, compared to its average volume of 1,045,115. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $542.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The firm’s 50-day moving average is $513.01 and its two-hundred day moving average is $488.20. The firm has a market capitalization of $122.28 billion, a P/E ratio of 19.92, a price-to-earnings-growth ratio of 1.17 and a beta of 0.78.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $42.49 billion. During the same period in the prior year, the firm earned $9.46 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. On average, analysts predict that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal 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 dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.24%. The ex-dividend date is Monday, June 10th. Elevance Health’s payout ratio is 24.64%.

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.