Grimes & Company Inc. Invests $216,000 in Elevance Health, Inc. (NYSE:ELV)

Grimes & Company Inc. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 416 shares of the company’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ELV. Norges Bank purchased a new stake in Elevance Health in the 4th quarter valued at about $1,347,434,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Elevance Health during the 4th quarter worth about $467,141,000. Canoe Financial LP grew its holdings in shares of Elevance Health by 158.1% during the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after purchasing an additional 517,116 shares during the period. Morningstar Investment Services LLC purchased a new stake in shares of Elevance Health during the 4th quarter worth about $239,244,000. Finally, International Assets Investment Management LLC grew its holdings in shares of Elevance Health by 45,888.1% during the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock worth $1,205,750,000 after purchasing an additional 255,138 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction that occurred on 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 sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.35% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Barclays upped their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Royal Bank of Canada upped their price target on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. Baird R W raised Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. UBS Group upped their price target on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Finally, Mizuho increased their target price on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $611.36.

Elevance Health Stock Up 1.1 %

Shares of NYSE ELV traded up $6.09 during mid-day trading on Friday, reaching $541.86. 1,711,417 shares of the company traded hands, compared to its average volume of 978,465. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a market cap of $125.94 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83. The company’s fifty day moving average is $534.36 and its two-hundred day moving average is $508.85. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $550.34.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.46 EPS. On average, analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s payout ratio is presently 24.64%.

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.