OLD National Bancorp IN Increases Holdings in Elevance Health, Inc. (NYSE:ELV)

OLD National Bancorp IN increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 2.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,342 shares of the company’s stock after purchasing an additional 110 shares during the period. OLD National Bancorp IN’s holdings in Elevance Health were worth $2,519,000 as of its most recent filing with the Securities and Exchange Commission.

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

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $532.17 on Tuesday. The firm has a market cap of $123.69 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78. The firm’s 50-day simple moving average is $509.68 and its 200-day simple moving average is $484.51. 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, Inc. has a 1 year low of $412.00 and a 1 year 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 (EPS) for the quarter, beating 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 business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the prior year, the business posted $9.46 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. Equities analysts forecast that Elevance Health, Inc. will post 37.24 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 given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Activity at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were 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 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 SEC, which is available through this link. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

ELV has been the topic of a number of recent analyst reports. UBS Group boosted their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial reiterated a “buy” rating and issued a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a report on Friday. Royal Bank of Canada boosted their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Finally, Barclays boosted their price objective on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $587.64.

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.