First Trust Bank Ltd. Invests $1.51 Million in Elevance Health, Inc. (NYSE:ELV)

First Trust Bank Ltd. bought a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,198 shares of the company's stock, valued at approximately $1,508,000. Elevance Health accounts for 2.1% of First Trust Bank Ltd.'s holdings, making the stock its 16th biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ELV. Norges Bank acquired a new position in Elevance Health during the fourth quarter worth about $1,347,434,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Elevance Health in the fourth quarter valued at about $467,141,000. Canoe Financial LP lifted its holdings in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company's stock valued at $398,054,000 after purchasing an additional 517,116 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Elevance Health by 45,888.1% in the fourth quarter. International Assets Investment Management LLC now owns 255,694 shares of the company's stock valued at $1,205,750,000 after purchasing an additional 255,138 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Elevance Health by 212.7% in the third quarter. Assenagon Asset Management S.A. now owns 366,833 shares of the company's stock valued at $159,726,000 after purchasing an additional 249,533 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the sale, the executive vice president now owns 31,460 shares of the company's stock, valued at approximately $16,791,460.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ELV. Mizuho upped their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company a "buy" rating in a report on Wednesday, April 24th. UBS Group upped their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the company a "buy" rating in a research note on Friday, April 19th. Royal Bank of Canada upped their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the company an "outperform" rating in a research note on Friday, April 19th. Jefferies Financial Group upped their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the company a "buy" rating in a research note on Friday, April 19th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $580.00 price objective on shares of Elevance Health in a research note on Wednesday, April 10th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $587.42.

Elevance Health Trading Down 4.1 %

NYSE:ELV traded down $22.53 during trading hours on Friday, reaching $521.41. 1,533,614 shares of the company were exchanged, compared to its average volume of 1,013,796. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market cap of $121.19 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 1.21 and a beta of 0.79. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $550.34. The stock has a 50 day simple moving average of $523.51 and a 200 day simple moving average of $497.36.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping analysts' consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter last year, the firm posted $9.46 earnings per share. Elevance Health's revenue was up .9% on a year-over-year basis. As a group, analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Monday, June 10th. Elevance Health's payout ratio is currently 24.64%.

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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