8,987 Shares in Elevance Health, Inc. (NYSE:ELV) Purchased by Delta Investment Management LLC

Delta Investment Management LLC acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,987 shares of the company's stock, valued at approximately $3,315,000. Elevance Health comprises approximately 0.6% of Delta Investment Management LLC's holdings, making the stock its 28th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Accredited Wealth Management LLC purchased a new stake in shares of Elevance Health in the fourth quarter valued at about $25,000. Flagship Wealth Advisors LLC bought a new position in shares of Elevance Health in the fourth quarter valued at approximately $26,000. OFI Invest Asset Management bought a new position in shares of Elevance Health in the fourth quarter worth $29,000. WealthTrak Capital Management LLC purchased a new stake in shares of Elevance Health in the 4th quarter valued at about $29,000. Finally, Lee Danner & Bass Inc. bought a new stake in Elevance Health during the fourth quarter valued at approximately $30,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Performance

NYSE:ELV opened at $403.38 on Tuesday. The firm has a market cap of $91.14 billion, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 1.18 and a beta of 0.66. Elevance Health, Inc. has a 1-year low of $357.45 and a 1-year high of $567.26. The firm's fifty day moving average price is $422.29 and its 200 day moving average price is $403.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. The company had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, sell-side analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.70%. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

Insider Buying and Selling

In related news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares of the company's stock, valued at approximately $766,745.11. This trade represents a 19.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 8,535 shares of company stock worth $3,521,612. Insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Royal Bank of Canada reissued an "outperform" rating and set a $478.00 price objective on shares of Elevance Health in a research note on Wednesday, April 23rd. Sanford C. Bernstein reissued an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Argus set a $465.00 price target on Elevance Health in a research report on Friday, April 25th. Robert W. Baird restated a "neutral" rating and set a $529.00 price objective (down from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Finally, Guggenheim reaffirmed a "buy" rating and set a $518.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.

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