Tidal Investments LLC Has $5.44 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Tidal Investments LLC boosted its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 40.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,757 shares of the company's stock after buying an additional 4,272 shares during the quarter. Tidal Investments LLC's holdings in Elevance Health were worth $5,444,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ELV. Norges Bank acquired a new position in Elevance Health in the 4th quarter valued at $1,135,014,000. Wellington Management Group LLP grew its stake in Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after buying an additional 1,893,947 shares during the last quarter. First Eagle Investment Management LLC grew its stake in Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company's stock valued at $1,189,828,000 after buying an additional 1,039,612 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in Elevance Health by 6,817.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company's stock valued at $335,254,000 after buying an additional 895,658 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in Elevance Health in the 4th quarter valued at $294,751,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of NYSE:ELV traded down $12.18 during midday trading on Friday, reaching $372.33. 2,479,558 shares of the company's stock were exchanged, compared to its average volume of 1,527,027. The company's 50 day simple moving average is $419.53 and its two-hundred day simple moving average is $402.88. The firm has a market capitalization of $84.12 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.18 and a beta of 0.66. Elevance Health, Inc. has a 12 month low of $357.45 and a 12 month high of $567.26. 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 data on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. The company had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Equities research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ELV shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Truist Financial increased their price target on shares of Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a report on Friday, April 11th. Robert W. Baird reissued a "neutral" rating and issued a $529.00 price target (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Wells Fargo & Company reduced their price target on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a report on Tuesday, January 28th. Finally, Baird R W downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $510.38.

Insider Activity at Elevance Health

In related news, 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 transaction of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction 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 $766,745.11. The trade was a 19.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,535 shares of company stock valued at $3,521,612 in the last ninety days. 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.