Sawgrass Asset Management LLC Buys New Position in Elevance Health, Inc. (NYSE:ELV)

Sawgrass Asset Management LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 816 shares of the company’s stock, valued at approximately $385,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Sanders Capital LLC lifted its position in shares of Elevance Health by 1.4% during the third quarter. Sanders Capital LLC now owns 4,261,976 shares of the company’s stock worth $1,855,750,000 after purchasing an additional 58,013 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of Elevance Health by 0.9% during the fourth quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock valued at $1,456,132,000 after acquiring an additional 27,986 shares in the last quarter. Morgan Stanley grew its stake in shares of Elevance Health by 1.7% during the third quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock valued at $1,212,521,000 after acquiring an additional 46,322 shares in the last quarter. Northern Trust Corp increased its position in shares of Elevance Health by 2.4% during the third quarter. Northern Trust Corp now owns 2,416,459 shares of the company’s stock worth $1,052,175,000 after acquiring an additional 57,098 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its stake in shares of Elevance Health by 7.2% in the third quarter. Artisan Partners Limited Partnership now owns 2,379,046 shares of the company’s stock worth $1,035,884,000 after acquiring an additional 160,524 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction 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 sale, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were 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 owns 31,460 shares in the company, valued at $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ELV shares. Cantor Fitzgerald restated an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Royal Bank of Canada increased their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, April 19th. Barclays boosted their target price on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Finally, Truist Financial reaffirmed a “buy” rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $587.42.

Elevance Health Stock Performance

NYSE ELV traded up $6.13 during trading hours on Tuesday, hitting $536.06. The company had a trading volume of 692,867 shares, compared to its average volume of 1,045,833. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a market cap of $124.59 billion, a P/E ratio of 20.26, a price-to-earnings-growth ratio of 1.16 and a beta of 0.79. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $542.07. The business has a fifty day simple moving average of $514.57 and a 200-day simple moving average of $490.26.

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

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. Elevance Health’s dividend payout ratio is presently 24.64%.

Elevance Health 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.