Fairtree Asset Management Pty Ltd Takes $1.03 Million Position in Elevance Health, Inc. (NYSE:ELV)

Fairtree Asset Management Pty Ltd purchased a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,794 shares of the company's stock, valued at approximately $1,031,000. Elevance Health makes up about 1.0% of Fairtree Asset Management Pty Ltd's portfolio, making the stock its 24th biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. JB Capital LLC increased its stake in shares of Elevance Health by 597.2% during the fourth quarter. JB Capital LLC now owns 9,384 shares of the company's stock worth $3,462,000 after purchasing an additional 8,038 shares in the last quarter. CIBC Private Wealth Group LLC boosted 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 worth $276,073,000 after buying an additional 326,543 shares during the last quarter. Lawson Kroeker Investment Management Inc. NE increased its stake in Elevance Health by 15.8% during the 4th quarter. Lawson Kroeker Investment Management Inc. NE now owns 32,088 shares of the company's stock worth $11,837,000 after buying an additional 4,372 shares in the last quarter. VELA Investment Management LLC increased its stake in Elevance Health by 101.6% during the 4th quarter. VELA Investment Management LLC now owns 2,074 shares of the company's stock worth $765,000 after buying an additional 1,045 shares in the last quarter. Finally, Cambiar Investors LLC acquired a new position in shares of Elevance Health during the fourth quarter valued at approximately $45,614,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the 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 completion of the sale, the executive vice president now directly owns 10,116 shares of the company's stock, valued at approximately $4,008,970.80. This represents a 25.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction 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 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 valued at $3,521,612 over the last ninety days. Insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Truist Financial boosted their price target on Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a research report on Friday, April 11th. Mizuho lifted their target price on shares of Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Argus set a $465.00 target price on shares of Elevance Health in a report on Friday, April 25th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $502.33.

Elevance Health Stock Up 0.9%

Shares of ELV stock traded up $3.49 during trading hours on Friday, reaching $384.02. 3,195,009 shares of the stock were exchanged, compared to its average volume of 1,530,331. The firm has a market capitalization of $86.76 billion, a P/E ratio of 14.99, a P/E/G ratio of 1.18 and a beta of 0.66. The business's fifty day moving average is $414.46 and its two-hundred day moving average is $401.41. 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, Inc. has a 12-month low of $357.45 and a 12-month high of $567.26.

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, beating analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The firm had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. As a group, research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared 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 is Tuesday, June 10th. This represents a $6.84 annualized dividend and a yield of 1.78%. Elevance Health's dividend payout ratio is currently 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.