Cannell & Spears LLC Has $10.49 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Cannell & Spears LLC trimmed its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 57.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,422 shares of the company's stock after selling 37,810 shares during the quarter. Cannell & Spears LLC's holdings in Elevance Health were worth $10,485,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. Mutual Advisors LLC boosted its holdings in shares of Elevance Health by 2.5% in the 4th quarter. Mutual Advisors LLC now owns 2,163 shares of the company's stock valued at $833,000 after buying an additional 52 shares during the period. Czech National Bank boosted its stake in Elevance Health by 6.5% in the fourth quarter. Czech National Bank now owns 50,286 shares of the company's stock valued at $18,551,000 after acquiring an additional 3,049 shares during the period. Benjamin Edwards Inc. grew its holdings in shares of Elevance Health by 1,711.9% during the third quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company's stock valued at $27,858,000 after purchasing an additional 50,603 shares during the last quarter. Diversified Trust Co raised its position in shares of Elevance Health by 13.7% during the 4th quarter. Diversified Trust Co now owns 22,576 shares of the company's stock worth $8,328,000 after purchasing an additional 2,725 shares during the period. Finally, JB Capital LLC lifted its holdings in shares of Elevance Health by 597.2% in the 4th quarter. JB Capital LLC now owns 9,384 shares of the company's stock worth $3,462,000 after purchasing an additional 8,038 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several brokerages have weighed in on ELV. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. StockNews.com upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. Stephens cut shares of Elevance Health from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company cut their price target on Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a report on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $519.81.

Elevance Health Price Performance

NYSE ELV traded down $3.32 on Wednesday, reaching $429.36. The company's stock had a trading volume of 1,156,250 shares, compared to its average volume of 1,395,841. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. 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 firm's 50 day moving average is $406.34 and its two-hundred day moving average is $418.81. The stock has a market cap of $97.20 billion, a PE ratio of 16.77, a PEG ratio of 1.18 and a beta of 0.77.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, January 23rd. The company reported $3.84 EPS 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 predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.59%. This is a boost from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Monday, March 10th. Elevance Health's payout ratio is presently 26.71%.

Insider Transactions at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares of the company's stock, valued at $766,745.11. The trade was a 19.34 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Elevance Health Company 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.