GAMMA Investing LLC Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

GAMMA Investing LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the fourth quarter, Holdings Channel reports. The fund purchased 1,554 shares of the company’s stock, valued at approximately $767,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. OFI Invest Asset Management acquired a new stake in Elevance Health in the 3rd quarter worth $25,000. ORG Partners LLC bought a new stake in shares of Elevance Health during the fourth quarter worth approximately $40,000. Orion Capital Management LLC bought a new stake in shares of Elevance Health during the third quarter worth approximately $46,000. Milestone Investment Advisors LLC bought a new stake in shares of Elevance Health during the third quarter worth approximately $51,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in Elevance Health during the fourth quarter valued at approximately $56,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of ELV traded up $0.70 during mid-day trading on Tuesday, reaching $532.92. The company had a trading volume of 796,340 shares, compared to its average volume of 1,066,078. The company’s 50 day simple moving average is $509.68 and its 200 day simple moving average is $484.51. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $539.11. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The company has a market capitalization of $123.86 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 1.16 and a beta of 0.78.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. The business had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the business earned $9.46 EPS. Analysts expect that Elevance Health, Inc. will post 37.24 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Barclays upped their price target on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday. Truist Financial reaffirmed a “buy” rating and set a $600.00 price target (up from $580.00) on shares of Elevance Health in a research report on Friday. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Wells Fargo & Company increased their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $580.00 price objective on shares of Elevance Health in a research report on Wednesday, April 10th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $587.64.

Insiders Place Their Bets

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

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.