Fairtree Asset Management Pty Ltd Buys New Stake in Elevance Health, Inc. (NYSE:ELV)

Fairtree Asset Management Pty Ltd purchased a new position in Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,794 shares of the company’s stock, valued at approximately $1,031,000. Elevance Health makes up 1.0% of Fairtree Asset Management Pty Ltd’s investment portfolio, making the stock its 24th largest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELV. Tobam raised its holdings in shares of Elevance Health by 6.6% in the fourth quarter. Tobam now owns 434 shares of the company’s stock valued at $160,000 after purchasing an additional 27 shares during the last quarter. Jacobi Capital Management LLC increased its stake in Elevance Health by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock valued at $325,000 after buying an additional 27 shares during the last quarter. Austin Private Wealth LLC lifted its position in Elevance Health by 1.5% during the 4th quarter. Austin Private Wealth LLC now owns 1,996 shares of the company’s stock worth $736,000 after buying an additional 29 shares in the last quarter. Quent Capital LLC boosted its stake in shares of Elevance Health by 2.1% during the 4th quarter. Quent Capital LLC now owns 1,488 shares of the company’s stock worth $549,000 after buying an additional 30 shares during the last quarter. Finally, Keystone Financial Services grew its holdings in shares of Elevance Health by 2.4% in the 4th quarter. Keystone Financial Services now owns 1,436 shares of the company’s stock valued at $530,000 after acquiring an additional 33 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $375.73 on Wednesday. Elevance Health, Inc. has a 52 week low of $357.45 and a 52 week high of $567.26. The company has a market capitalization of $84.89 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.18 and a beta of 0.66. The company has a 50-day simple moving average of $417.18 and a 200 day simple moving average of $402.16. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The company had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. On average, sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s payout ratio is 26.69%.

Insider Transactions at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer now directly owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,535 shares of company stock valued at $3,521,612. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $478.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Wells Fargo & Company dropped their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Robert W. Baird reissued a “neutral” rating and issued a $529.00 price objective (down previously from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Barclays boosted their target price on shares of Elevance Health from $512.00 to $522.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Finally, Argus set a $465.00 price target on shares of Elevance Health in a research note on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $510.38.

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.