Norden Group LLC Takes $3.49 Million Position in Elevance Health, Inc. (NYSE:ELV)

Norden Group LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) during the 1st quarter, Holdings Channel.com reports. The fund acquired 6,720 shares of the company’s stock, valued at approximately $3,486,000.

A number of other hedge funds also recently modified their holdings of the stock. abrdn plc boosted its holdings in shares of Elevance Health by 86.8% during the fourth quarter. abrdn plc now owns 278,397 shares of the company’s stock worth $131,281,000 after acquiring an additional 129,364 shares during the period. Cerity Partners LLC increased its holdings in shares of Elevance Health by 21.3% during the fourth quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock worth $24,663,000 after purchasing an additional 9,199 shares during the period. Canoe Financial LP raised its position in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after buying an additional 517,116 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Elevance Health in the fourth quarter valued at approximately $218,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Elevance Health by 114.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after purchasing an additional 16,737 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction that occurred 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 transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Truist Financial reissued a “buy” rating and issued a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Jefferies Financial Group lifted their price target on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Morgan Stanley started coverage on shares of Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 price target on the stock. Finally, Barclays raised their target price on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $611.36.

Elevance Health Trading Down 1.1 %

ELV opened at $530.22 on Thursday. The company has a market cap of $123.23 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 1.18 and a beta of 0.84. The company has a fifty day moving average price of $534.47 and a two-hundred day moving average price of $509.86. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $550.34.

Elevance Health (NYSE:ELV) last posted its quarterly 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 return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same period in the prior year, the business earned $9.46 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were issued 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 was Monday, June 10th. Elevance Health’s dividend payout ratio is currently 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.