Wishbone Management LP Has $56.07 Million Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Wishbone Management LP grew its position in Elevance Health, Inc. (NYSE:ELV) by 10.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 152,000 shares of the company’s stock after acquiring an additional 14,000 shares during the quarter. Elevance Health accounts for 26.6% of Wishbone Management LP’s portfolio, making the stock its 2nd biggest holding. Wishbone Management LP owned approximately 0.07% of Elevance Health worth $56,073,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Elevance Health in the 4th quarter valued at approximately $1,135,014,000. Wellington Management Group LLP grew its holdings in Elevance Health by 42.5% during the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock valued at $2,344,556,000 after purchasing an additional 1,893,947 shares during the last quarter. First Eagle Investment Management LLC raised its position in Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock worth $1,189,828,000 after purchasing an additional 1,039,612 shares during the period. Orion Portfolio Solutions LLC boosted its position in shares of Elevance Health by 6,817.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company’s stock valued at $335,254,000 after buying an additional 895,658 shares during the period. Finally, D1 Capital Partners L.P. bought a new position in shares of Elevance Health during the fourth quarter valued at approximately $294,751,000. 89.24% of the stock is currently owned by institutional investors.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction 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 represents a 25.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the sale, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at $766,745.11. The trade was a 19.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,535 shares of company stock valued at $3,521,612 in the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

Shares of ELV stock opened at $403.38 on Tuesday. The stock’s 50-day moving average is $422.29 and its 200 day moving average is $403.57. Elevance Health, Inc. has a 1-year low of $357.45 and a 1-year high of $567.26. 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 $91.14 billion, a P/E ratio of 15.75, a PEG ratio of 1.18 and a beta of 0.66.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts’ consensus estimates of $10.60 by $1.37. The business had revenue of $48.77 billion for the quarter, compared to analysts’ expectations of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 annualized dividend and a yield of 1.70%. Elevance Health’s dividend payout ratio (DPR) is 26.69%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ELV shares. Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. 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. Mizuho raised their price target on shares of Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 9th. Sanford C. Bernstein reissued an “outperform” rating on shares of Elevance Health in a research report on Friday, March 28th. Finally, Truist Financial upped their target price on shares of Elevance Health from $480.00 to $510.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $510.38.

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.