KLP Kapitalforvaltning AS Purchases Shares of 81,578 Elevance Health, Inc. (NYSE:ELV)

KLP Kapitalforvaltning AS purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the fourth quarter, Holdings Channel.com reports. The firm purchased 81,578 shares of the company’s stock, valued at approximately $30,094,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Raelipskie Partnership bought a new position in shares of Elevance Health in the third quarter worth approximately $26,000. Flagship Wealth Advisors LLC bought a new position in shares of Elevance Health in the fourth quarter worth approximately $26,000. Dunhill Financial LLC grew its holdings in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the last quarter. Lee Danner & Bass Inc. bought a new position in shares of Elevance Health in the fourth quarter worth approximately $30,000. Finally, OFI Invest Asset Management bought a new position in shares of Elevance Health in the fourth quarter worth approximately $29,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $427.27 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The firm has a market capitalization 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. The business has a fifty day simple moving average of $400.52 and a two-hundred day simple moving average of $425.32. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business 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 $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is currently 26.71%.

Analysts Set New Price Targets

ELV has been the topic of several recent analyst reports. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Wells Fargo & Company cut their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Barclays raised their price target on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a research note on Friday, January 24th. Finally, Truist Financial dropped their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Two equities research 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $519.81.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction dated 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 transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at $4,008,970.80. The trade was a 25.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of Elevance Health 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 completion of the transaction, the chief accounting officer now directly owns 1,847 shares of the company’s stock, valued at approximately $766,745.11. This represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Elevance Health 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.