Investment Management Corp of Ontario Sells 6,030 Shares of Elevance Health, Inc. (NYSE:ELV)

Investment Management Corp of Ontario trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 24.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 18,411 shares of the company's stock after selling 6,030 shares during the quarter. Investment Management Corp of Ontario's holdings in Elevance Health were worth $6,792,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ELV. Accredited Wealth Management LLC purchased a new position in shares of Elevance Health during the 4th quarter valued at about $25,000. Flagship Wealth Advisors LLC purchased a new position in Elevance Health during the 4th quarter valued at approximately $26,000. WealthTrak Capital Management LLC bought a new stake in Elevance Health in the 4th quarter worth approximately $29,000. Lee Danner & Bass Inc. purchased a new stake in shares of Elevance Health during the 4th quarter worth approximately $30,000. Finally, OFI Invest Asset Management bought a new position in shares of Elevance Health during the 4th quarter valued at approximately $29,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of ELV stock opened at $404.52 on Friday. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The stock has a fifty day simple moving average of $424.13 and a two-hundred day simple moving average of $404.51. The stock has a market capitalization of $91.40 billion, a price-to-earnings ratio of 15.80, a P/E/G ratio of 1.18 and a beta of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 annualized dividend and a yield of 1.69%. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

Insider Activity

In other news, CAO Ronald W. Penczek sold 443 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares of the company's stock, valued at approximately $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm's stock in a transaction 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 $4,008,970.80. The trade was a 25.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,535 shares of company stock worth $3,521,612. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ELV shares. Barclays upped their price target on shares of Elevance Health from $512.00 to $522.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. StockNews.com raised shares of Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 price objective on shares of Elevance Health in a research note on Wednesday, April 23rd. Truist Financial raised their price objective on Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Finally, Robert W. Baird reissued a "neutral" rating and set a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and a consensus target price of $510.38.

Elevance Health 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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