ProShare Advisors LLC Raises Stock Position in Elevance Health, Inc. (NYSE:ELV)

ProShare Advisors LLC lifted its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 12.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,103 shares of the company's stock after buying an additional 3,828 shares during the quarter. ProShare Advisors LLC's holdings in Elevance Health were worth $12,949,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Elevance Health by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company's stock worth $7,926,028,000 after buying an additional 138,380 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Elevance Health by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock worth $3,917,004,000 after buying an additional 464,137 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Elevance Health by 42.5% in 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 in the last quarter. Geode Capital Management LLC grew its stake in shares of Elevance Health by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company's stock worth $1,826,447,000 after buying an additional 115,971 shares in the last quarter. Finally, Sanders Capital LLC grew its stake in shares of Elevance Health by 1.7% in the 4th quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock worth $1,728,722,000 after buying an additional 76,896 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Truist Financial boosted their price objective on shares of Elevance Health from $480.00 to $510.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Barclays boosted their price objective on shares of Elevance Health from $512.00 to $522.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Wells Fargo & Company cut their price target on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a report on Tuesday, January 28th. Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, Guggenheim restated a "buy" rating and issued a $518.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $510.38.

Insiders Place Their Bets

In related news, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total value of $183,902.59. Following the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Kaye sold 4,588 shares of the business's stock in a transaction dated Thursday, April 24th. The shares were 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 owns 18,977 shares in the company, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,535 shares of company stock valued at $3,521,612. 0.29% of the stock is owned by insiders.

Elevance Health Stock Up 2.1%

Shares of ELV stock traded up $8.68 during mid-day trading on Tuesday, hitting $412.49. 1,221,227 shares of the stock traded hands, compared to its average volume of 1,510,736. The stock has a market cap of $93.20 billion, a P/E ratio of 16.11, a P/E/G ratio of 1.18 and a beta of 0.66. The stock's fifty day moving average is $422.29 and its two-hundred day moving average is $403.57. 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 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating the consensus estimate of $10.60 by $1.37. The firm 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%. Equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared 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. This represents a $6.84 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Tuesday, June 10th. Elevance Health's dividend payout ratio is presently 26.69%.

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.