Quantbot Technologies LP Takes Position in Elevance Health, Inc. (NYSE:ELV)

Quantbot Technologies LP bought a new stake in Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 13,133 shares of the company’s stock, valued at approximately $4,845,000.

A number of other hedge funds have also modified their holdings of ELV. Prospera Private Wealth LLC acquired a new stake in shares of Elevance Health in the third quarter valued at about $52,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Elevance Health by 460.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,923 shares of the company’s stock valued at $2,560,000 after purchasing an additional 4,044 shares during the period. Advisors Asset Management Inc. grew its holdings in shares of Elevance Health by 57.4% in the third quarter. Advisors Asset Management Inc. now owns 8,377 shares of the company’s stock valued at $4,356,000 after purchasing an additional 3,054 shares during the period. First Horizon Advisors Inc. grew its holdings in shares of Elevance Health by 6.5% in the third quarter. First Horizon Advisors Inc. now owns 854 shares of the company’s stock valued at $444,000 after purchasing an additional 52 shares during the period. Finally, Intech Investment Management LLC grew its holdings in shares of Elevance Health by 67.6% in the third quarter. Intech Investment Management LLC now owns 27,070 shares of the company’s stock valued at $14,076,000 after purchasing an additional 10,915 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Trading Down 1.6 %

NYSE ELV opened at $427.27 on Friday. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a 50-day moving average of $400.52 and a 200-day moving average of $426.27. 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 company has a market cap of $97.14 billion, a P/E ratio of 16.68, a P/E/G ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, equities analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.60%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.71%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ELV. Wells Fargo & Company lowered their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Argus raised shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price for the company in a research note on Monday, March 17th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Barclays increased their target price on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $519.81.

Insider Activity

In related news, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the sale, the executive vice president now owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Company 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.