BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 5,624 Shares of Elevance Health, Inc. (NYSE:ELV)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 14.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,406 shares of the company's stock after acquiring an additional 5,624 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Elevance Health were worth $16,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Accredited Wealth Management LLC bought a new position in Elevance Health in the 4th quarter worth 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 purchased a new position in Elevance Health during the fourth quarter valued at approximately $29,000. WealthTrak Capital Management LLC purchased a new position in Elevance Health during the fourth quarter valued at approximately $29,000. Finally, Lee Danner & Bass Inc. bought a new stake in Elevance Health during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Trading Up 0.5%

Shares of NYSE ELV traded up $1.73 during midday trading on Tuesday, hitting $374.00. 650,703 shares of the company traded hands, compared to its average volume of 1,523,609. Elevance Health, Inc. has a 12-month low of $357.45 and a 12-month high of $567.26. The firm has a market cap of $84.50 billion, a P/E ratio of 14.60, a P/E/G ratio of 1.18 and a beta of 0.66. The stock has a 50-day moving average price of $418.36 and a 200 day moving average price of $402.34. 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 - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 18.28% and a net margin of 3.38%. As a group, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

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 given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ELV. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $478.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Cantor Fitzgerald restated an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Barclays lifted their price target on Elevance Health from $512.00 to $522.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Guggenheim restated a "buy" rating and issued a $518.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Truist Financial boosted their price target on shares of Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and a consensus price target of $510.38.

Insider Transactions at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer now owns 18,977 shares of the company's stock, valued at $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,535 shares of company stock valued at $3,521,612. Insiders own 0.29% of the company's stock.

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.