Summit Global Investments Has $8.95 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Summit Global Investments decreased its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 17.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,564 shares of the company's stock after selling 4,408 shares during the quarter. Elevance Health comprises approximately 0.7% of Summit Global Investments' investment portfolio, making the stock its 26th biggest position. Summit Global Investments' holdings in Elevance Health were worth $8,945,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JB Capital LLC boosted its stake in shares of Elevance Health by 597.2% in the fourth quarter. JB Capital LLC now owns 9,384 shares of the company's stock valued at $3,462,000 after buying an additional 8,038 shares during the period. CIBC Private Wealth Group LLC boosted its stake in shares of Elevance Health by 82.9% in the fourth 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. Lawson Kroeker Investment Management Inc. NE lifted its stake in Elevance Health by 15.8% during the fourth quarter. Lawson Kroeker Investment Management Inc. NE now owns 32,088 shares of the company's stock worth $11,837,000 after purchasing an additional 4,372 shares during the last quarter. VELA Investment Management LLC lifted its stake in Elevance Health by 101.6% during the fourth quarter. VELA Investment Management LLC now owns 2,074 shares of the company's stock worth $765,000 after purchasing an additional 1,045 shares during the last quarter. Finally, Cambiar Investors LLC bought a new stake in Elevance Health during the fourth quarter worth $45,614,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Truist Financial upped their target price on Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Argus set a $465.00 target price on Elevance Health in a research note on Friday, April 25th. Royal Bank of Canada restated an "outperform" rating and set a $478.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Sanford C. Bernstein restated an "outperform" rating on shares of Elevance Health in a research note on Friday, March 28th. Finally, Guggenheim restated a "buy" rating and set a $518.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $499.53.

Elevance Health Trading Down 0.1%

Elevance Health stock traded down $0.51 during trading hours on Tuesday, reaching $376.54. 817,016 shares of the company's stock were exchanged, compared to its average volume of 1,727,076. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The firm's 50 day simple moving average is $413.40 and its 200 day simple moving average is $401.21. Elevance Health, Inc. has a twelve month low of $357.45 and a twelve month high of $567.26. The firm has a market capitalization of $85.07 billion, a PE ratio of 14.70, a PEG ratio of 1.18 and a beta of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping 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. Research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.82%. Elevance Health's dividend payout ratio is presently 26.69%.

Insider Activity

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction dated 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 owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company's stock, valued at $4,008,970.80. This trade represents a 25.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,535 shares of company stock worth $3,521,612 in the last three months. Company insiders own 0.29% of the company's stock.

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.