Elevance Health, Inc. (NYSE:ELV) Shares Sold by Fosun International Ltd

Fosun International Ltd lowered its position in Elevance Health, Inc. (NYSE:ELV) by 31.7% in the fourth quarter, Holdings Channel reports. The fund owned 820 shares of the company’s stock after selling 380 shares during the period. Fosun International Ltd’s holdings in Elevance Health were worth $387,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. OFI Invest Asset Management acquired a new position in Elevance Health in the 3rd quarter valued at $25,000. Alaska Permanent Fund Corp acquired a new position in shares of Elevance Health during the 4th quarter worth $31,000. Hexagon Capital Partners LLC grew its stake in shares of Elevance Health by 63.0% during the 4th quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock worth $35,000 after purchasing an additional 29 shares during the period. ORG Partners LLC purchased a new stake in shares of Elevance Health in the 4th quarter worth about $40,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Elevance Health in the 3rd quarter worth about $46,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ELV. Jefferies Financial Group boosted their price objective on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Wells Fargo & Company upped their target price on shares of Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Mizuho upped their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Truist Financial reiterated a “buy” rating and set a $600.00 price objective (up from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Finally, Royal Bank of Canada increased their target price on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $587.42.

Insider Activity

In related news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

ELV traded up $4.04 during trading hours on Thursday, hitting $537.39. 46,915 shares of the stock were exchanged, compared to its average volume of 1,031,799. The stock has a 50-day simple moving average of $514.57 and a 200-day simple moving average of $490.26. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $542.07. The stock has a market cap of $124.90 billion, a price-to-earnings ratio of 20.16, a price-to-earnings-growth ratio of 1.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the business posted $9.46 earnings per share. Analysts anticipate that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

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.