Stevens Capital Management LP Increases Position in Elevance Health, Inc. (NYSE:ELV)

Stevens Capital Management LP raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 171.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,260 shares of the company’s stock after acquiring an additional 4,584 shares during the quarter. Elevance Health makes up 0.9% of Stevens Capital Management LP’s investment portfolio, making the stock its 19th largest position. Stevens Capital Management LP’s holdings in Elevance Health were worth $3,424,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ELV. OFI Invest Asset Management purchased a new position in Elevance Health during the 3rd quarter valued at about $25,000. Alaska Permanent Fund Corp purchased a new position in Elevance Health during the 4th quarter valued at about $31,000. ORG Partners LLC purchased a new position in Elevance Health during the 4th quarter valued at about $40,000. Orion Capital Management LLC purchased a new position in Elevance Health during the 3rd quarter valued at about $46,000. Finally, Milestone Investment Advisors LLC acquired a new stake in shares of Elevance Health during the 3rd quarter worth about $51,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Down 0.4 %

NYSE ELV traded down $2.42 during mid-day trading on Friday, hitting $537.26. The company’s stock had a trading volume of 700,726 shares, compared to its average volume of 1,059,909. The firm has a market capitalization of $124.87 billion, a P/E ratio of 20.40, a price-to-earnings-growth ratio of 1.18 and a beta of 0.78. The stock’s fifty day simple moving average is $511.40 and its two-hundred day simple moving average is $485.81. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $542.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $9.46 earnings per share. Research analysts expect that Elevance Health, Inc. will post 37.24 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.21%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity

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 value of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Royal Bank of Canada raised their target price on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. Mizuho raised their target price on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research report on Wednesday. Jefferies Financial Group raised their target price on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Finally, Wells Fargo & Company raised their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $587.42.

About Elevance Health

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.