ELEVANCE HEALTH INC ELV
COM · Common Stock · CUSIP 036752103 · ISIN US0367521038
American healthcare company
- SectorHealth care
- IndustryHospital & Medical Service Plans
- HeadquartersIndianapolis, IN
- Founded1940
- Websiteelevancehealth.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($194.9m this quarter). Holder counts are more reliable. Shares outstanding: 220.7m as of 2026-02-01, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $350.84. Options: 37 managers hold calls ($826.4m notional), 30 hold puts ($551.1m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,449 |
| Q4 2022 | 1,547 |
| Q1 2023 | 1,518 |
| Q2 2023 | 1,526 |
| Q3 2023 | 1,530 |
| Q4 2023 | 1,660 |
| Q1 2024 | 1,671 |
| Q2 2024 | 1,712 |
| Q3 2024 | 1,701 |
| Q4 2024 | 1,604 |
| Q1 2025 | 1,665 |
| Q2 2025 | 1,594 |
| Q3 2025 | 1,511 |
| Q4 2025 | 1,554 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 805 | 672 |
| Q2 2024 | 838 | 637 |
| Q3 2024 | 795 | 730 |
| Q4 2024 | 574 | 1,021 |
| Q1 2025 | 850 | 672 |
| Q2 2025 | 721 | 791 |
| Q3 2025 | 681 | 829 |
| Q4 2025 | 630 | 763 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $801.3m | $587.8m | 0.73 |
| Q2 2025 | $766.9m | $535.5m | 0.70 |
| Q3 2025 | $984.9m | $865.7m | 0.88 |
| Q4 2025 | $826.4m | $551.1m | 0.67 |
Biggest buyers
| WELLINGTON MANAGEMENT GROUP LLP | Added | +1.7m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +1.6m |
| HARRIS ASSOCIATES L P | Added | +1.6m |
| Invesco Ltd. | Added | +1.3m |
| CITADEL ADVISORS LLC | Added | +1.2m |
| Bank of New York Mellon Corp | Added | +1.1m |
| HSBC HOLDINGS PLC | Added | +503.0k |
| Artisan Partners Limited Partnership | Added | +455.9k |
| Alyeska Investment Group, L.P. | New | +412.2k |
| MANNING & NAPIER ADVISORS LLC | Added | +344.2k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -1.4m |
| Capital International Investors | Reduced | -1.4m |
| Brave Warrior Advisors, LLC | Reduced | -582.2k |
| Ninety One UK Ltd | Reduced | -408.7k |
| BANK OF AMERICA CORP /DE/ | Reduced | -388.6k |
| M&G PLC | Reduced | -386.1k |
| Caisse de depot et placement du Quebec | Reduced | -356.1k |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -333.9k |
| NATIXIS | Reduced | -291.6k |
| D. E. Shaw & Co., Inc. | Reduced | -282.9k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $165.1m471.0k shares |
| CITADEL ADVISORS LLC | Reduced | $159.6m455.3k shares |
| JANE STREET GROUP, LLC | Added | $107.1m305.4k shares |
| IMC-Chicago, LLC | Added | $86.1m245.7k shares |
| Squarepoint Ops LLC | Reduced | $45.9m130.9k shares |
| GROUP ONE TRADING LLC | Added | $37.1m105.8k shares |
| UBS Group AG | Reduced | $26.2m74.6k shares |
| PEAK6 LLC | Reduced | $25.7m73.2k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $21.0m59.8k shares |
| Qube Research & Technologies Ltd | Reduced | $17.3m49.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $121.9m347.8k shares |
| CITADEL ADVISORS LLC | Reduced | $83.2m237.3k shares |
| IMC-Chicago, LLC | Reduced | $43.9m125.1k shares |
| PEAK6 LLC | Added | $41.9m119.6k shares |
| JANE STREET GROUP, LLC | Reduced | $30.8m88.0k shares |
| Squarepoint Ops LLC | Reduced | $26.3m75.0k shares |
| Twin Tree Management, LP | Added | $25.1m71.5k shares |
| Walleye Capital LLC | Added | $23.1m66.0k shares |
| UBS Group AG | Reduced | $21.0m59.8k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $19.1m54.4k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-17 | 7.8% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.1% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 4 | $12.6m | $10.9m |
| Q2 2024 | 0 | — | 1 | $10.8m | — |
| Q3 2024 | 0 | — | 3 | $17.6m | $17.4m |
| Q4 2024 | 0 | — | 1 | $3.2m | — |
| Q1 2025 | 0 | — | 2 | $1.6m | — |
| Q2 2025 | 0 | — | 1 | $1.9m | — |
| Q3 2025 | 2 | $2.8m | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.12% of their portfolio | 23.0m $8.1bn | Added +20.9k |
| BlackRock, Inc. 0.12% of their portfolio | 20.4m $7.2bn | Reduced -130.6k |
| STATE STREET CORP 0.12% of their portfolio | 10.3m $3.6bn | Reduced -4.7k |
| WELLINGTON MANAGEMENT GROUP LLP 0.51% of their portfolio | 8.3m $2.9bn | Added +1.7m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.28% of their portfolio | 7.4m $2.6bn | Added +1.6m |
| Sanders Capital, LLC 2.32% of their portfolio | 5.8m $2.0bn | Reduced -18.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.11% of their portfolio | 5.1m $1.8bn | Reduced -19.3k |
| Artisan Partners Limited Partnership 2.70% of their portfolio | 5.0m $1.8bn | Added +455.9k |
| HARRIS ASSOCIATES L P 2.13% of their portfolio | 4.8m $1.7bn | Added +1.6m |
| First Eagle Investment Management, LLC 2.48% of their portfolio | 4.0m $1.4bn | Added +24.3k |
| Invesco Ltd. 0.13% of their portfolio | 3.9m $1.4bn | Added +1.3m |
| NORGES BANK 0.11% of their portfolio | 3.0m $1.1bn | Not comparable |
| Grantham, Mayo, Van Otterloo & Co. LLC 2.27% of their portfolio | 2.5m $887.3m | Added +7.6k |
| MORGAN STANLEY 0.05% of their portfolio | 2.5m $883.8m | Reduced -162.5k |
| Bank of New York Mellon Corp 0.15% of their portfolio | 2.4m $844.4m | Added +1.1m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.27% of their portfolio | 2.4m $827.6m | Reduced -79.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.17% of their portfolio | 2.3m $823.0m | Reduced -38.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.66% of their portfolio | 2.3m $797.5m | Added +61.5k |
| NORTHERN TRUST CORP 0.10% of their portfolio | 2.2m $782.2m | Reduced -46.2k |
| BANK OF AMERICA CORP /DE/ 0.06% of their portfolio | 2.2m $773.7m | Reduced -388.6k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 2.15% of their portfolio | 2.1m $719.0m | Added +5.7k |
| BAILLIE GIFFORD & CO 0.58% of their portfolio | 2.0m $693.4m | Reduced -189.0k |
| Nuveen, LLC 0.18% of their portfolio | 2.0m $692.4m | Added +27.2k |
| Legal & General Group Plc 0.15% of their portfolio | 1.9m $654.3m | Reduced -55.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.09% of their portfolio | 1.7m $609.2m | Added +51.5k |
| CITADEL ADVISORS LLC 0.40% of their portfolio | 1.7m $584.7m | Added +1.2m |
| Capital International Investors 0.09% of their portfolio | 1.6m $556.5m | Reduced -1.4m |
| GOLDMAN SACHS GROUP INC 0.08% of their portfolio | 1.6m $547.0m | Added +148.4k |
| DIMENSIONAL FUND ADVISORS LP 0.11% of their portfolio | 1.5m $531.7m | Reduced -152.1k |
| EAGLE CAPITAL MANAGEMENT LLC 1.64% of their portfolio | 1.5m $527.2m | Reduced -67.6k |
| FMR LLC 0.03% of their portfolio | 1.5m $518.6m | Added +103.9k |
| Ruane, Cunniff & Goldfarb L.P. 7.79% of their portfolio | 1.4m $498.7m | Reduced -25.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.28% of their portfolio | 1.3m $472.2m | Reduced -164.6k |
| BAUPOST GROUP LLC/MA 8.43% of their portfolio | 1.3m $445.0m | Reduced -49.7k |
| Brave Warrior Advisors, LLC 10.28% of their portfolio | 1.3m $438.8m | Reduced -582.2k |
| Orbis Allan Gray Ltd 1.83% of their portfolio | 1.2m $436.4m | Reduced -63.2k |
| Amundi 0.10% of their portfolio | 1.1m $384.3m | Reduced -26.6k |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 1.0m $360.3m | Reduced -1.4m |
| HSBC HOLDINGS PLC 0.10% of their portfolio | 1.0m $355.2m | Added +503.0k |
| Newport Trust Company, LLC 0.84% of their portfolio | 1.0m $352.3m | Reduced -19.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.20% of their portfolio | 949.0k $332.7m | Added +5.9k |
| DEUTSCHE BANK AG\ 0.10% of their portfolio | 889.8k $311.9m | Added +47.1k |
| Veritas Asset Management LLP 3.13% of their portfolio | 874.0k $306.4m | Reduced -28.9k |
| FRANKLIN RESOURCES INC 0.07% of their portfolio | 838.8k $294.0m | Reduced -227.2k |
| Beutel, Goodman & Co Ltd. 1.76% of their portfolio | 817.9k $286.7m | Added +100.1k |
| UBS Group AG 0.06% of their portfolio | 811.5k $284.5m | Reduced -118.0k |
| ALLIANCEBERNSTEIN L.P. 0.09% of their portfolio | 785.9k $275.5m | Reduced -127.1k |
| 1832 Asset Management L.P. 0.34% of their portfolio | 762.2k $267.2m | Added +11.5k |
| AMERIPRISE FINANCIAL INC 0.05% of their portfolio | 633.4k $222.0m | Reduced -91.7k |
| M&G PLC 1.13% of their portfolio | 629.0k $220.8m | Reduced -386.1k |
| AQR CAPITAL MANAGEMENT LLC 0.11% of their portfolio | 621.4k $217.8m | Reduced -179.9k |
| Swiss National Bank 0.13% of their portfolio | 617.1k $216.3m | Reduced -34.2k |
| National Pension Service 0.15% of their portfolio | 580.7k $203.6m | Added +30.5k |
| California Public Employees Retirement System 0.12% of their portfolio | 580.6k $203.5m | Added +22.4k |
| DAVENPORT & Co LLC 1.09% of their portfolio | 575.8k $201.6m | Reduced -54.4k |
| FIRST TRUST ADVISORS LP 0.14% of their portfolio | 539.2k $189.0m | Reduced -157.0k |
| Assenagon Asset Management S.A. 0.28% of their portfolio | 529.5k $185.6m | Added +77.0k |
| Focused Investors LLC 5.83% of their portfolio | 522.7k $183.2m | Reduced -13.9k |
| 8 KNOTS MANAGEMENT, LLC 20.66% of their portfolio | 511.6k $179.3m | Added +333.6k |
| Russell Investments Group, Ltd. 0.19% of their portfolio | 509.7k $178.6m | Reduced -33.0k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 0.59% of their portfolio | 505.5k $177.2m | Added +8.2k |
| BROWN ADVISORY INC 0.24% of their portfolio | 499.9k $175.3m | Added +19.8k |
| Ninety One UK Ltd 0.38% of their portfolio | 499.5k $175.1m | Reduced -408.7k |
| D. E. Shaw & Co., Inc. 0.13% of their portfolio | 492.0k $172.5m | Reduced -282.9k |
| EMINENCE CAPITAL, LP 2.70% of their portfolio | 487.1k $170.8m | Added +120.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.11% of their portfolio | 470.4k $166.6m | Added +15.4k |
| ROYAL BANK OF CANADA 0.03% of their portfolio | 457.1k $160.2m | Reduced -28.1k |
| BNP PARIBAS FINANCIAL MARKETS 0.10% of their portfolio | 454.0k $159.1m | Added +252.2k |
| MILLENNIUM MANAGEMENT LLC 0.11% of their portfolio | 453.1k $158.8m | Added +301.7k |
| RHUMBLINE ADVISERS 0.12% of their portfolio | 441.0k $154.6m | Reduced -3.0k |
| FIL Ltd 0.11% of their portfolio | 427.5k $149.8m | Reduced -92.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio | 425.3k $149.1m | Reduced -48.7k |
| Allianz Asset Management GmbH 0.17% of their portfolio | 415.1k $145.5m | Reduced -144.7k |
| JANUS HENDERSON GROUP PLC 0.06% of their portfolio | 412.9k $144.7m | Added +160.6k |
| Alyeska Investment Group, L.P. 0.41% of their portfolio | 412.2k $144.5m | New |
| Vulcan Value Partners, LLC 2.44% of their portfolio | 386.2k $135.4m | Reduced -33.0k |
| CANADA LIFE ASSURANCE Co 0.23% of their portfolio | 382.2k $134.0m | Added +90.2k |
| BARCLAYS PLC 0.05% of their portfolio | 378.9k $132.8m | Reduced -175.4k |
| Canoe Financial LP 1.76% of their portfolio | 370.7k $129.9m | Reduced -18.7k |
| MANNING & NAPIER ADVISORS LLC 1.68% of their portfolio | 368.4k $129.2m | Added +344.2k |
| Danica Pension, Livsforsikringsaktieselskab 1.85% of their portfolio | 367.0k $128.7m | Reduced -67.5k |
| RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio | 363.1k $127.3m | Reduced -2.4k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 359.1k $125.9m | Reduced -41.4k |
| DekaBank Deutsche Girozentrale 0.35% of their portfolio | 343.3k $200.7m | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.12% of their portfolio | 341.9k $119.8m | Reduced -10.7k |
| COOPERMAN LEON G 3.96% of their portfolio | 340.9k $119.5m | Unchanged |
| NORDEA INVESTMENT MANAGEMENT AB 0.10% of their portfolio | 340.3k $119.4m | Reduced -68.5k |
| CIBC Private Wealth Group LLC 0.20% of their portfolio | 336.7k $118.0m | Reduced -46.6k |
| YACKTMAN ASSET MANAGEMENT LP 1.61% of their portfolio | 328.8k $115.2m | Reduced -5.6k |
| High Ground Investment Management LLP 16.64% of their portfolio | 326.1k $114.3m | Added +36.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.15% of their portfolio | 324.4k $113.7m | Added +2.6k |
| Swedbank AB 0.10% of their portfolio | 306.2k $107.3m | Reduced -1.2k |
| Aberdeen Group plc 0.16% of their portfolio | 289.0k $101.3m | Added +16.5k |
| Freestone Grove Partners LP 0.72% of their portfolio | 283.1k $99.2m | New |
| ARGA Investment Management, LP 2.65% of their portfolio | 277.8k $97.4m | Added +12.3k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.16% of their portfolio | 276.8k $97.0m | Added +81.9k |
| NATIXIS ADVISORS, LLC 0.13% of their portfolio | 267.1k $93.6m | Added +22.3k |
| Maj Invest Holding A/S 4.27% of their portfolio | 262.0k $91.9m | Reduced -134.7k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.10% of their portfolio | 260.1k $91.2m | Added +164.8k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.16% of their portfolio | 259.0k $95.6m | Reduced -21.3k |