Oppenheimer Asset Management Inc. Buys 7,380 Shares of Elevance Health, Inc. (NYSE:ELV)

Oppenheimer Asset Management Inc. increased its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 93.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,236 shares of the company's stock after buying an additional 7,380 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Elevance Health were worth $6,627,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ELV. Norges Bank bought a new position in shares of Elevance Health during the 4th quarter worth approximately $1,135,014,000. Wellington Management Group LLP lifted its position in shares of Elevance Health by 42.5% during the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock worth $2,344,556,000 after buying an additional 1,893,947 shares during the period. GAMMA Investing LLC lifted its position in shares of Elevance Health by 81,726.5% during the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock worth $641,355,000 after buying an additional 1,472,712 shares during the period. First Eagle Investment Management LLC lifted its position in shares of Elevance Health by 47.6% during the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company's stock worth $1,189,828,000 after buying an additional 1,039,612 shares during the period. Finally, Orion Portfolio Solutions LLC lifted its position in shares of Elevance Health by 6,817.8% during the 4th quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company's stock worth $335,254,000 after buying an additional 895,658 shares during the period. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Up 1.1%

NYSE ELV opened at $376.48 on Wednesday. The stock has a fifty day moving average of $396.08 and a 200-day moving average of $398.93. The stock has a market capitalization of $85.06 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60. Elevance Health, Inc. has a 52 week low of $357.45 and a 52 week high of $567.26. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The company had revenue of $48.77 billion during the quarter, compared to analysts' expectations of $46.26 billion. On average, equities research analysts forecast 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 1.82%. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Truist Financial set a $500.00 target price on Elevance Health and gave the stock a "buy" rating in a research report on Monday, June 9th. Baird R W cut Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Argus set a $465.00 price target on Elevance Health in a report on Friday, April 25th. Wall Street Zen raised Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Finally, Mizuho raised their price target on Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and a consensus price target of $498.87.

Insider Buying and Selling

In related news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction on Thursday, April 24th. The stock was 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by insiders.

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.

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