DNB Asset Management AS Makes New $34.96 Million Investment in Elevance Health, Inc. (NYSE:ELV)

DNB Asset Management AS purchased a new stake in Elevance Health, Inc. (NYSE:ELV – Get Rating) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 68,144 shares of the company’s stock, valued at approximately $34,956,000.

Other large investors have also modified their holdings of the company. Plancorp LLC raised its stake in shares of Elevance Health by 2.3% in the 1st quarter. Plancorp LLC now owns 1,436 shares of the company’s stock valued at $705,000 after acquiring an additional 32 shares during the period. Merit Financial Group LLC raised its stake in shares of Elevance Health by 6.8% in the 1st quarter. Merit Financial Group LLC now owns 518 shares of the company’s stock valued at $254,000 after acquiring an additional 33 shares during the period. Penserra Capital Management LLC raised its stake in shares of Elevance Health by 4.0% in the 1st quarter. Penserra Capital Management LLC now owns 1,205 shares of the company’s stock valued at $591,000 after acquiring an additional 46 shares during the period. Roundview Capital LLC increased its stake in Elevance Health by 2.9% during the 1st quarter. Roundview Capital LLC now owns 1,858 shares of the company’s stock worth $912,000 after buying an additional 52 shares during the period. Finally, KB Financial Partners LLC increased its stake in Elevance Health by 11.0% during the 1st quarter. KB Financial Partners LLC now owns 547 shares of the company’s stock worth $268,000 after buying an additional 54 shares during the period. 87.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ELV shares. JPMorgan Chase & Co. lifted their price target on shares of Elevance Health from $555.00 to $572.00 and gave the stock an “overweight” rating in a research note on Thursday, February 23rd. Wells Fargo & Company lifted their price target on shares of Elevance Health from $557.00 to $609.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 4th. SVB Leerink reaffirmed an “outperform” rating and set a $580.00 price target on shares of Elevance Health in a research note on Thursday, January 26th. StockNews.com started coverage on shares of Elevance Health in a research note on Thursday. They set a “strong-buy” rating on the stock. Finally, Royal Bank of Canada lifted their price target on shares of Elevance Health from $505.00 to $523.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 26th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $583.89.

Elevance Health Stock Performance

Shares of NYSE ELV traded down $5.33 during midday trading on Friday, hitting $463.17. The company’s stock had a trading volume of 1,743,145 shares, compared to its average volume of 1,090,085. Elevance Health, Inc. has a 1-year low of $440.02 and a 1-year high of $549.52. The firm’s fifty day moving average price is $478.90 and its 200-day moving average price is $491.56. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market cap of $109.98 billion, a P/E ratio of 18.68, a P/E/G ratio of 1.18 and a beta of 0.85.

Elevance Health (NYSE:ELV – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The company reported $5.23 EPS for the quarter, beating the consensus estimate of $5.20 by $0.03. Elevance Health had a net margin of 3.85% and a return on equity of 19.56%. The business had revenue of $39.67 billion during the quarter, compared to analyst estimates of $39.62 billion. During the same period in the previous year, the business posted $5.14 EPS. The company’s quarterly revenue was up 10.1% on a year-over-year basis. On average, sell-side analysts forecast that Elevance Health, Inc. will post 32.72 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 24th. Stockholders of record on Friday, March 10th will be issued a $1.48 dividend. The ex-dividend date is Thursday, March 9th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.28. This represents a $5.92 annualized dividend and a dividend yield of 1.28%. Elevance Health’s payout ratio is 23.88%.

Elevance Health Profile

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Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.