Suvretta Capital Management LLC Takes $1.01 Million Position in Elevance Health, Inc. (NYSE:ELV)

Suvretta Capital Management LLC acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,740 shares of the company's stock, valued at approximately $1,011,000.

A number of other institutional investors and hedge funds have also modified their holdings of ELV. Tobam lifted its position in shares of Elevance Health by 6.6% during the 4th quarter. Tobam now owns 434 shares of the company's stock worth $160,000 after buying an additional 27 shares during the period. Jacobi Capital Management LLC raised its stake in Elevance Health by 3.2% during the fourth quarter. Jacobi Capital Management LLC now owns 882 shares of the company's stock worth $325,000 after acquiring an additional 27 shares in the last quarter. Austin Private Wealth LLC lifted its holdings in shares of Elevance Health by 1.5% during the fourth quarter. Austin Private Wealth LLC now owns 1,996 shares of the company's stock valued at $736,000 after acquiring an additional 29 shares during the period. Quent Capital LLC boosted its stake in shares of Elevance Health by 2.1% in the 4th quarter. Quent Capital LLC now owns 1,488 shares of the company's stock valued at $549,000 after purchasing an additional 30 shares in the last quarter. Finally, RDA Financial Network boosted its stake in shares of Elevance Health by 0.5% in the 4th quarter. RDA Financial Network now owns 6,384 shares of the company's stock valued at $2,355,000 after purchasing an additional 32 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Trading Up 2.1%

Shares of NYSE ELV traded up $8.68 during mid-day trading on Tuesday, hitting $412.49. The company's stock had a trading volume of 1,221,227 shares, compared to its average volume of 1,510,736. Elevance Health, Inc. has a one year low of $357.45 and a one year high of $567.26. The company's fifty day simple moving average is $422.29 and its 200-day simple moving average is $403.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The stock has a market cap of $93.20 billion, a price-to-earnings ratio of 16.11, a price-to-earnings-growth ratio of 1.18 and a beta of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping analysts' consensus estimates 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%. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health's payout ratio is presently 26.69%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Truist Financial lifted 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. StockNews.com raised shares of Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Guggenheim reissued a "buy" rating and issued a $518.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Finally, Barclays lifted their price objective on Elevance Health from $512.00 to $522.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and a consensus target price of $510.38.

Insider Activity

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. The trade was a 25.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer now owns 18,977 shares in the company, valued at $8,061,809.14. This trade represents a 19.47% 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 quarter. Company insiders own 0.29% of the company's stock.

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.