Institute for Wealth Management LLC. Raises Stake in Elevance Health, Inc. (NYSE:ELV)

Institute for Wealth Management LLC. boosted its position in Elevance Health, Inc. (NYSE:ELV) by 1.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,032 shares of the company’s stock after buying an additional 53 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Elevance Health were worth $1,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Elevance Health during the fourth quarter valued at approximately $1,253,211,000. Legal & General Group Plc purchased a new stake in shares of Elevance Health during the fourth quarter valued at approximately $944,528,000. Moneta Group Investment Advisors LLC purchased a new stake in shares of Elevance Health during the fourth quarter valued at approximately $664,077,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Elevance Health by 825.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock valued at $372,715,000 after purchasing an additional 676,769 shares during the period. Finally, Barclays PLC boosted its stake in shares of Elevance Health by 52.9% during the second quarter. Barclays PLC now owns 1,263,401 shares of the company’s stock valued at $561,318,000 after purchasing an additional 437,225 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ELV shares. UBS Group increased their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $580.00 price target on shares of Elevance Health in a research note on Wednesday, April 10th. Barclays raised their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research note on Friday. Royal Bank of Canada raised their price target on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Jefferies Financial Group boosted their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $583.77.

Insider Activity

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

ELV stock traded up $6.73 during midday trading on Friday, reaching $531.92. 1,073,553 shares of the company’s stock traded hands, compared to its average volume of 1,052,781. The stock’s 50-day moving average is $508.63 and its 200 day moving average is $482.59. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59. The stock has a market cap of $123.78 billion, a P/E ratio of 21.25, a PEG ratio of 1.12 and a beta of 0.78. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $539.11.

Elevance Health (NYSE:ELV) last issued its earnings results 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 3.49% and a return on equity of 20.47%. The firm had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the prior year, the business earned $9.46 earnings per share. Elevance Health’s revenue for the quarter was up .9% on a year-over-year basis. As a group, analysts anticipate that Elevance Health, Inc. will post 37.03 EPS for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a $1.63 dividend. The ex-dividend date was Thursday, March 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio is currently 25.90%.

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.