Taikang Asset Management Hong Kong Co Ltd Boosts Stake in Elevance Health, Inc. (NYSE:ELV)

Taikang Asset Management Hong Kong Co Ltd lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 51.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,787 shares of the company’s stock after purchasing an additional 4,673 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd’s holdings in Elevance Health were worth $5,086,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Ratings Changes

ELV has been the topic of several research analyst reports. Truist Financial cut their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Argus raised shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target on the stock in a research report on Monday, March 17th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Barclays increased their target price on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. Finally, StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $519.81.

Insider Transactions at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were 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 of the company’s stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $427.62 on Tuesday. The company has a market cap of $97.22 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a 50-day simple moving average of $401.13 and a 200-day simple moving average of $423.64.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.60%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is currently 26.71%.

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.