Worldquant Millennium Advisors LLC Takes Position in Elevance Health, Inc. (NYSE:ELV)

Worldquant Millennium Advisors LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 91,693 shares of the company’s stock, valued at approximately $33,826,000.

Several other hedge funds have also modified their holdings of ELV. Tobam increased its stake in Elevance Health by 6.6% in the 4th quarter. Tobam now owns 434 shares of the company’s stock valued at $160,000 after purchasing an additional 27 shares in the last quarter. Jacobi Capital Management LLC increased its stake in Elevance Health by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock valued at $325,000 after purchasing an additional 27 shares in the last quarter. Austin Private Wealth LLC increased its stake in Elevance Health by 1.5% in the 4th quarter. Austin Private Wealth LLC now owns 1,996 shares of the company’s stock valued at $736,000 after purchasing an additional 29 shares in the last quarter. Quent Capital LLC increased its stake in 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, Keystone Financial Services increased its stake in Elevance Health by 2.4% in the 4th quarter. Keystone Financial Services now owns 1,436 shares of the company’s stock valued at $530,000 after purchasing an additional 33 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 18,977 shares in the company, valued at $8,061,809.14. The trade was a 19.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,535 shares of company stock worth $3,521,612 over the last quarter. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ELV has been the subject of several research analyst reports. Stephens downgraded Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Mizuho raised their price objective on Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a research note on Wednesday, April 9th. Barclays raised their price objective on Elevance Health from $512.00 to $522.00 and gave the company an “overweight” rating in a research note on Wednesday, April 23rd. Robert W. Baird reissued a “neutral” rating and set a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 price target on shares of Elevance Health 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $510.38.

Elevance Health Price Performance

ELV stock opened at $412.49 on Wednesday. Elevance Health, Inc. has a 52-week low of $357.45 and a 52-week high of $567.26. The stock’s fifty day simple moving average is $422.19 and its 200-day simple moving average is $403.63. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The stock has a market capitalization 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) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The business had revenue of $48.77 billion for the quarter, compared to analysts’ expectations of $46.26 billion. Equities research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s dividend payout ratio (DPR) is 26.69%.

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.