Scissortail Wealth Management LLC Acquires New Shares in Elevance Health, Inc. (NYSE:ELV)

Scissortail Wealth Management LLC acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,240 shares of the company’s stock, valued at approximately $1,090,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Elevance Health in the fourth quarter worth about $1,253,211,000. Legal & General Group Plc bought a new stake in shares of Elevance Health in the fourth quarter worth about $944,528,000. Moneta Group Investment Advisors LLC bought a new stake in shares of Elevance Health in the fourth quarter worth about $664,077,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Elevance Health by 825.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 758,754 shares of the company’s stock worth $372,715,000 after acquiring an additional 676,769 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Elevance Health by 52.9% in the second quarter. Barclays PLC now owns 1,263,401 shares of the company’s stock worth $561,318,000 after acquiring an additional 437,225 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

Elevance Health Stock Up 1.4 %

NYSE ELV traded up $6.93 during trading hours on Tuesday, hitting $507.02. 1,127,280 shares of the company traded hands, compared to its average volume of 1,027,938. The business’s 50-day moving average is $507.68 and its 200-day moving average is $481.59. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $521.18. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market capitalization of $117.98 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 1.09 and a beta of 0.78.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, January 24th. The company reported $5.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.60 by $0.02. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The company had revenue of $42.45 billion during the quarter, compared to analysts’ expectations of $42.19 billion. During the same period last year, the firm posted $5.23 earnings per share. The business’s revenue was up 7.0% on a year-over-year basis. Sell-side analysts anticipate that Elevance Health, Inc. will post 37.03 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, March 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.29%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio (DPR) is 25.90%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ELV shares. Royal Bank of Canada increased their price target on Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Barclays started coverage on Elevance Health in a research report on Wednesday, March 6th. They set an “overweight” rating and a $584.00 price objective for the company. Wells Fargo & Company reduced their price objective on Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a research report on Wednesday, April 10th. Finally, StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $569.00.

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.