Strategic Financial Concepts LLC Makes New $21.23 Million Investment in Elevance Health, Inc. (NYSE:ELV)

Strategic Financial Concepts LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 57,554 shares of the company's stock, valued at approximately $21,232,000. Elevance Health comprises approximately 0.7% of Strategic Financial Concepts LLC's investment portfolio, making the stock its 19th largest holding.

Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp boosted its holdings in shares of Elevance Health by 1.2% during the 3rd quarter. State Street Corp now owns 10,687,998 shares of the company's stock worth $5,557,759,000 after buying an additional 129,709 shares in the last quarter. Geode Capital Management LLC lifted its position in Elevance Health by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company's stock valued at $2,511,814,000 after acquiring an additional 85,770 shares in the last quarter. Sanders Capital LLC grew its holdings in Elevance Health by 1.0% during the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company's stock worth $2,396,814,000 after buying an additional 44,805 shares in the last quarter. Wellington Management Group LLP lifted its stake in Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company's stock valued at $2,320,024,000 after acquiring an additional 286,905 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Elevance Health by 16.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company's stock worth $1,246,574,000 after acquiring an additional 334,552 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ELV shares. Barclays increased their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an "overweight" rating in a research note on Friday, January 24th. Mizuho lowered their target price on Elevance Health from $585.00 to $505.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 5th. Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. StockNews.com raised shares of Elevance Health from a "hold" rating to a "buy" rating in a report on Tuesday, February 4th. Finally, Morgan Stanley reduced their target price on shares of Elevance Health from $643.00 to $551.00 and set an "overweight" rating for the company in a research note on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and an average price target of $517.03.

Elevance Health Price Performance

ELV traded up $9.38 on Wednesday, reaching $391.86. The company had a trading volume of 1,123,877 shares, compared to its average volume of 1,627,207. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a market cap of $90.88 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 1.17 and a beta of 0.83. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The business has a 50 day simple moving average of $384.81 and a 200 day simple moving average of $446.05.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 34 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Elevance Health's previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.75%. Elevance Health's dividend payout ratio (DPR) is 25.46%.

About Elevance Health

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.