Zurcher Kantonalbank Zurich Cantonalbank Purchases 80,015 Shares of Elevance Health, Inc. (NYSE:ELV)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 65.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 201,753 shares of the company’s stock after acquiring an additional 80,015 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.09% of Elevance Health worth $95,139,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. OFI Invest Asset Management purchased a new stake in shares of Elevance Health during the 3rd quarter valued at $25,000. Fortis Capital Advisors LLC purchased a new stake in shares of Elevance Health during the 4th quarter valued at $29,000. Householder Group Estate & Retirement Specialist LLC purchased a new stake in shares of Elevance Health during the 3rd quarter valued at $30,000. TD Capital Management LLC purchased a new stake in shares of Elevance Health during the 4th quarter valued at $30,000. Finally, Tyler Stone Wealth Management purchased a new stake in shares of Elevance Health during the 2nd quarter valued at $39,000. Institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

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

Elevance Health Stock Up 1.4 %

Elevance Health stock traded up $6.93 during trading hours on Tuesday, hitting $507.02. The stock had a trading volume of 1,127,280 shares, compared to its average volume of 1,027,938. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $117.98 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 1.09 and a beta of 0.78. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $521.18. The stock’s 50-day moving average price is $507.68 and its 200-day moving average price is $481.59.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.60 by $0.02. The business had revenue of $42.45 billion during the quarter, compared to analysts’ expectations of $42.19 billion. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $5.23 earnings per share. Equities research analysts anticipate that Elevance Health, Inc. will post 37.03 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were issued a $1.63 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Elevance Health’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.29%. Elevance Health’s payout ratio is 25.90%.

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.