Elevance Health, Inc. (NYSE:ELV) Stock Position Decreased by Horizon Bancorp Inc. IN

Horizon Bancorp Inc. IN decreased its position in Elevance Health, Inc. (NYSE:ELV) by 4.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 754 shares of the company’s stock after selling 32 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in Elevance Health were worth $391,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Elevance Health in the fourth quarter valued at approximately $1,347,434,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Elevance Health in the 4th quarter valued at $467,141,000. Canoe Financial LP boosted its holdings in Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after purchasing an additional 517,116 shares in the last quarter. Morningstar Investment Services LLC acquired a new position in Elevance Health during the fourth quarter worth $239,244,000. Finally, International Assets Investment Management LLC raised its holdings in Elevance Health by 45,888.1% during 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 buying an additional 255,138 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on ELV shares. Bank of America upped their price target on Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. Jefferies Financial Group upped their target price on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Truist Financial reissued a “buy” rating and issued a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Morgan Stanley initiated coverage on shares of Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective for the company. Finally, Wells Fargo & Company boosted 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, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health presently has an average rating of “Buy” and an average target price of $611.36.

Elevance Health Stock Performance

ELV traded down $5.53 on Thursday, hitting $530.39. 656,207 shares of the stock traded hands, compared to its average volume of 818,063. The business has a fifty day moving average price of $534.40 and a two-hundred day moving average price of $510.00. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $123.27 billion, a PE ratio of 20.04, a P/E/G ratio of 1.18 and a beta of 0.84. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $550.34.

Elevance Health (NYSE:ELV) last released 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 business had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. Elevance Health’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business posted $9.46 earnings per share. On average, research analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s dividend payout ratio is 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction that occurred on Tuesday, April 23rd. The stock was 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 directly owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

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.