Magnetar Financial LLC Sells 7,485 Shares of Elevance Health, Inc. (NYSE:ELV)

Magnetar Financial LLC lessened its position in Elevance Health, Inc. (NYSE:ELV) by 79.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,961 shares of the company’s stock after selling 7,485 shares during the quarter. Magnetar Financial LLC’s holdings in Elevance Health were worth $723,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Raelipskie Partnership bought a new stake in shares of Elevance Health in the 3rd quarter worth about $26,000. Flagship Wealth Advisors LLC bought a new stake in shares of Elevance Health in the 4th quarter worth about $26,000. Dunhill Financial LLC lifted its holdings in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Elevance Health during the fourth quarter worth $29,000. Finally, Crews Bank & Trust bought a new stake in shares of Elevance Health during the fourth quarter worth $34,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This represents a 19.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Elevance Health Stock Performance

Shares of ELV stock opened at $427.27 on Friday. The business’s fifty day simple moving average is $400.52 and its 200-day simple moving average is $426.27. The company has a market cap of $97.14 billion, a PE ratio of 16.68, a PEG ratio of 1.18 and a beta of 0.86. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) 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%. Analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be given a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.60%. Elevance Health’s dividend payout ratio is presently 26.71%.

Analysts Set New Price Targets

Several analysts have recently weighed in on ELV shares. StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price for the company in a research report on Monday, March 17th. Barclays lifted their target price on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Wells Fargo & Company decreased their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $519.81.

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.