Oslo Pensjonsforsikring AS Purchases Shares of 1,613 Elevance Health, Inc. $ELV

Oslo Pensjonsforsikring AS purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,613 shares of the company’s stock, valued at approximately $472,000.

A number of other institutional investors have also modified their holdings of ELV. Norges Bank acquired a new position in shares of Elevance Health in the 4th quarter valued at about $1,058,165,000. Wellington Management Group LLP raised its position in Elevance Health by 25.2% during the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after acquiring an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Elevance Health by 27.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock valued at $2,610,261,000 after acquiring an additional 1,607,274 shares in the last quarter. Invesco Ltd. lifted its holdings in Elevance Health by 50.3% in the fourth quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock valued at $1,368,505,000 after acquiring an additional 1,306,390 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Elevance Health by 79.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,408,704 shares of the company’s stock valued at $844,371,000 after acquiring an additional 1,065,065 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares in the company, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is owned by corporate insiders.

Elevance Health Stock Up 2.9%

ELV opened at $393.46 on Wednesday. The company has a market cap of $85.33 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 2.20 and a beta of 0.67. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $436.24. The company has a 50-day moving average price of $399.56 and a 200 day moving average price of $355.93. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to analysts’ expectations of $48.88 billion. During the same period in the previous year, the firm posted $8.84 EPS. Elevance Health’s revenue was up .8% compared to the same quarter last year. Sell-side analysts expect that Elevance Health, Inc. will post 27.08 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s payout ratio is currently 30.58%.

Analysts Set New Price Targets

A number of brokerages have recently commented on ELV. Raymond James Financial set a $450.00 price objective on shares of Elevance Health in a research note on Tuesday, July 7th. Royal Bank Of Canada decreased their target price on shares of Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research note on Thursday, July 16th. Wells Fargo & Company lowered their price target on shares of Elevance Health from $492.00 to $473.00 and set an “overweight” rating on the stock in a report on Thursday, July 16th. UBS Group raised their price target on shares of Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a research report on Friday, May 22nd. Finally, Citigroup raised shares of Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.