Eagle Rock Investment Company LLC Buys 1,281 Shares of Elevance Health, Inc. (NYSE:ELV)

Eagle Rock Investment Company LLC grew its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 18.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,203 shares of the company's stock after acquiring an additional 1,281 shares during the quarter. Eagle Rock Investment Company LLC's holdings in Elevance Health were worth $3,568,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ELV. Norges Bank bought a new position in shares of Elevance Health during the fourth quarter valued at $1,135,014,000. Wellington Management Group LLP increased its holdings in shares of Elevance Health by 42.5% during the fourth 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 in the last quarter. GAMMA Investing LLC increased its holdings in shares of Elevance Health by 81,726.5% during the first quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock valued at $641,355,000 after acquiring an additional 1,472,712 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in shares of Elevance Health by 47.6% during the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company's stock valued at $1,189,828,000 after acquiring an additional 1,039,612 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its holdings in shares of Elevance Health by 6,817.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company's stock valued at $335,254,000 after acquiring an additional 895,658 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Trading Up 2.4%

Elevance Health stock opened at $393.70 on Friday. The business has a 50-day simple moving average of $409.50 and a two-hundred day simple moving average of $400.79. The company has a market cap of $88.95 billion, a P/E ratio of 15.37, a P/E/G ratio of 1.18 and a beta of 0.66. Elevance Health, Inc. has a 52-week low of $357.45 and a 52-week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

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

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Investors 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 dividend yield of 1.74%. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

Insider Activity at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Kaye sold 4,588 shares of the business'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 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 ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ELV shares. Truist Financial raised their price target on Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a report on Friday, April 11th. Wall Street Zen upgraded Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Mizuho lifted their price objective on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a report on Wednesday, April 9th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Finally, Argus set a $465.00 price objective on Elevance Health in a report on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and a consensus target price of $499.53.

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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