Novem Group Purchases Shares of 1,099 Elevance Health, Inc. (NYSE:ELV)

Novem Group acquired a new stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 1,099 shares of the company's stock, valued at approximately $405,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Elevance Health by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company's stock worth $7,926,028,000 after buying an additional 138,380 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Elevance Health by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after acquiring an additional 464,137 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Elevance Health by 42.5% during the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after acquiring an additional 1,893,947 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Elevance Health by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company's stock worth $1,826,447,000 after purchasing an additional 115,971 shares in the last quarter. Finally, Sanders Capital LLC increased its position in shares of Elevance Health by 1.7% in the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock worth $1,728,722,000 after purchasing an additional 76,896 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Trading Up 1.8%

Shares of NYSE ELV traded up $6.92 during mid-day trading on Wednesday, hitting $382.90. The stock had a trading volume of 952,248 shares, compared to its average volume of 1,526,481. The business has a 50 day moving average price of $417.18 and a two-hundred day moving average price of $402.16. Elevance Health, Inc. has a 1 year low of $357.45 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The firm has a market cap of $86.51 billion, a P/E ratio of 14.94, a price-to-earnings-growth ratio of 1.18 and a beta of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results 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 net margin of 3.38% and a return on equity of 18.28%. The business had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. On average, equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio is presently 26.69%.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the sale, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. This represents a 25.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 18,977 shares of the company's stock, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,535 shares of company stock worth $3,521,612 in the last three months. 0.29% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ELV shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Wall Street Zen raised Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Argus set a $465.00 price objective on Elevance Health in a research report on Friday, April 25th. Finally, Truist Financial boosted their target price on Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $510.38.

Elevance Health 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.