King Luther Capital Management Corp Takes $316,000 Position in Elevance Health, Inc. (NYSE:ELV)

King Luther Capital Management Corp purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 671 shares of the company’s stock, valued at approximately $316,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Elevance Health during the 4th quarter worth about $1,347,434,000. Massachusetts Financial Services Co. MA bought a new stake in Elevance Health in the fourth quarter valued at approximately $467,141,000. Canoe Financial LP lifted its position in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after buying an additional 517,116 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Elevance Health by 45,888.1% in the fourth quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after buying an additional 255,138 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Elevance Health by 57.7% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 640,905 shares of the company’s stock worth $279,063,000 after acquiring an additional 234,439 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Down 4.1 %

NYSE ELV opened at $521.41 on Friday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a market cap of $121.19 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 1.15 and a beta of 0.79. The company has a 50 day moving average of $523.69 and a 200-day moving average of $498.11. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $550.34.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The firm 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 company’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the company earned $9.46 EPS. On average, equities research analysts expect that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.25%. Elevance Health’s dividend payout ratio is 24.64%.

Insider Buying and Selling

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.35% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ELV has been the topic of a number of research analyst reports. Royal Bank of Canada increased their price target on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, April 19th. Truist Financial restated a “buy” rating and set a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a research note on Friday, April 19th. StockNews.com upgraded shares of Elevance Health from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 20th. Jefferies Financial Group increased their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, Mizuho boosted their price objective on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Elevance Health has an average rating of “Buy” and an average price target of $587.42.

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.