Artisan Partners Limited Partnership Boosts Stake in Elevance Health, Inc. (NYSE:ELV)

Artisan Partners Limited Partnership increased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 17.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,875,850 shares of the company’s stock after purchasing an additional 437,103 shares during the quarter. Elevance Health accounts for 1.6% of Artisan Partners Limited Partnership’s portfolio, making the stock its 14th biggest holding. Artisan Partners Limited Partnership’s holdings in Elevance Health were worth $1,060,901,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ELV. Raelipskie Partnership purchased a new stake in shares of Elevance Health during the 3rd quarter valued at about $26,000. Flagship Wealth Advisors LLC bought a new position in Elevance Health during the fourth quarter valued at approximately $26,000. OFI Invest Asset Management purchased a new stake in Elevance Health in the fourth quarter worth approximately $29,000. Lee Danner & Bass Inc. bought a new stake in Elevance Health in the 4th quarter worth approximately $30,000. Finally, Crews Bank & Trust purchased a new stake in Elevance Health during the 4th quarter valued at $34,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

ELV stock opened at $430.29 on Thursday. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The company has a market capitalization of $97.83 billion, a P/E ratio of 16.80, a PEG ratio of 1.18 and a beta of 0.86. The business has a 50-day moving average price of $402.56 and a 200 day moving average price of $422.85.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.59%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is currently 26.71%.

Analyst Upgrades and Downgrades

ELV has been the topic of a number of research reports. StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Finally, Barclays lifted their price target on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $519.81.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

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.