Novem Group Takes $405,000 Position in Elevance Health, Inc. (NYSE:ELV)

Novem Group bought a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the 4th quarter, HoldingsChannel.com reports. The firm bought 1,099 shares of the company’s stock, valued at approximately $405,000.

Other institutional investors have also made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Elevance Health by 14.5% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 44,406 shares of the company’s stock worth $16,381,000 after buying an additional 5,624 shares in the last quarter. CSS LLC IL boosted its stake in shares of Elevance Health by 34.3% in the 4th quarter. CSS LLC IL now owns 2,820 shares of the company’s stock valued at $1,040,000 after purchasing an additional 720 shares in the last quarter. Continuum Advisory LLC boosted its stake in shares of Elevance Health by 19.0% in the 4th quarter. Continuum Advisory LLC now owns 833 shares of the company’s stock valued at $307,000 after purchasing an additional 133 shares in the last quarter. Delta Investment Management LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at $3,315,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Elevance Health by 9.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,352,163 shares of the company’s stock valued at $867,713,000 after purchasing an additional 199,550 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on ELV shares. Guggenheim reaffirmed a “buy” rating and set a $518.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Robert W. Baird reaffirmed a “neutral” rating and set a $529.00 price objective (down previously from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Sanford C. Bernstein reissued an “outperform” rating on shares of Elevance Health in a research note on Friday, March 28th. Finally, Wall Street Zen raised Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $510.38.

Elevance Health Stock Down 4.0%

NYSE ELV opened at $383.95 on Friday. The stock has a fifty day moving average of $420.81 and a 200-day moving average of $403.37. The stock has a market capitalization of $86.75 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 1.18 and a beta of 0.66. Elevance Health, Inc. has a 52 week low of $357.45 and a 52 week high of $567.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

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

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.78%. Elevance Health’s payout ratio is presently 26.69%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at approximately $766,745.11. This represents a 19.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark Kaye sold 4,588 shares of the stock in a transaction dated 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 directly 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. In the last three months, insiders have sold 8,535 shares of company stock worth $3,521,612. Company insiders own 0.29% of the company’s stock.

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.