[Form 4] Elevance Health, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Erin M. Wessling, EVP & Chief Legal Officer of Elevance Health, Inc. (ELV), reported a transaction on 09/03/2025 in which 152 shares of Common Stock were disposed at a price of $321.59 per share. The Form 4 shows 5,020 shares remained beneficially owned after the reported transaction, held directly. The filing identifies the transaction code F and includes an explanation that the disposition was the payment of a tax liability by withholding stock incident to the vesting of previously granted restricted stock. The form was signed on behalf of the reporting person by Kathleen S. Kiefer on 09/05/2025.

Positive

• Transaction explained as tax withholding for vested restricted stock, clarifying the nature of the disposition
• Post-transaction direct ownership disclosed (5,020 shares), providing transparent holdings information

Negative

• Insider disposed of 152 shares, slightly reducing direct beneficial ownership

Insights

Financial Analyst

TL;DR: A small, non-open-market share disposition via tax withholding reduced the insider's direct stake to 5,020 shares.

This Form 4 documents a routine disposition of 152 shares resulting from tax withholding at vesting rather than an open-market sale. The reported per-share price is $321.59 and post-transaction direct beneficial ownership is 5,020 shares. For investors, such tax-withholding transactions generally do not indicate active liquidity-driven selling pressure or a change in insider conviction; they reflect compensation settlement mechanics. The filing is succinct and contains the required explanatory note describing the nature of the disposition.

Corporate Governance Expert

TL;DR: The disclosure is standard and transparent: shares were withheld to satisfy tax obligations on vested restricted stock.

The Form 4 clearly states the transaction code, quantity, price, and the explanatory note that the disposition satisfied a tax liability arising from vesting. This aligns with common equity compensation practices and meets disclosure obligations under Section 16. The remaining direct ownership is specified, and the form is executed by an attorney-in-fact, with the signature dated 09/05/2025, satisfying signature requirements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wessling Erin M

(Last) (First) (Middle)

220 VIRGINIA AVENUE

(Street)

INDIANAPOLIS IN 46204

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Elevance Health, Inc. [ ELV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/03/2025		F		152(1)	D	$321.59	5,020	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. PAYMENT OF TAX LIABILITY BY WITHHOLDING STOCK INCIDENT TO THE VESTING OF PREVIOUSLY GRANTED RESTRICTED STOCK.

Remarks:

	/s/ Kathleen S. Kiefer, Attorney in fact	09/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did ELV insider Erin M. Wessling report on the Form 4?

The Form 4 reports a disposition of 152 shares on 09/03/2025 at $321.59 per share, with 5,020 shares remaining beneficially owned directly.

Why were the 152 shares disposed of according to the filing?

The filing explains the disposition was the payment of a tax liability by withholding stock incident to the vesting of previously granted restricted stock.

Is the reported transaction an open-market sale?

The Form 4 indicates the shares were disposed via withholding to satisfy taxes; it does not state that the shares were sold in the open market.

Who signed the Form 4 and when?

The form was signed on behalf of the reporting person by Kathleen S. Kiefer, Attorney in fact on 09/05/2025.

What transaction code is listed on the Form 4?

The Form 4 lists transaction code F for the reported disposition.