Exchange Traded Concepts LLC Purchases 6,450 Shares of Elevance Health, Inc. (NYSE:ELV)

Exchange Traded Concepts LLC raised its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 275.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,793 shares of the company's stock after buying an additional 6,450 shares during the quarter. Exchange Traded Concepts LLC's holdings in Elevance Health were worth $3,825,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC increased its holdings in Elevance Health by 82.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock valued at $276,073,000 after buying an additional 326,543 shares during the period. VELA Investment Management LLC increased its holdings in Elevance Health by 101.6% in the 4th quarter. VELA Investment Management LLC now owns 2,074 shares of the company's stock valued at $765,000 after buying an additional 1,045 shares during the period. Mn Services Vermogensbeheer B.V. increased its holdings in Elevance Health by 2.5% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 93,000 shares of the company's stock valued at $34,308,000 after buying an additional 2,300 shares during the period. Allworth Financial LP increased its holdings in Elevance Health by 103.9% in the 4th quarter. Allworth Financial LP now owns 2,688 shares of the company's stock valued at $1,050,000 after buying an additional 1,370 shares during the period. Finally, Van ECK Associates Corp increased its holdings in Elevance Health by 16.4% in the 4th quarter. Van ECK Associates Corp now owns 14,884 shares of the company's stock valued at $5,491,000 after buying an additional 2,102 shares during the period. 89.24% of the stock is owned by institutional investors.

Insider Activity at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ELV has been the topic of several research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Robert W. Baird reaffirmed a "neutral" rating and set a $529.00 price target (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a report on Wednesday, June 4th. 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 research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and an average target price of $498.87.

Elevance Health Trading Down 2.1%

NYSE:ELV opened at $376.62 on Tuesday. The firm's fifty day moving average is $403.64 and its 200-day moving average is $399.94. 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, Inc. has a 52 week low of $357.45 and a 52 week high of $567.26. The firm has a market cap of $85.09 billion, a P/E ratio of 14.71, a P/E/G ratio of 1.18 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating 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 company had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Equities 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 announced 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. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.82%. Elevance Health's payout ratio is presently 26.69%.

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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