ProVise Management Group LLC lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 21.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,143 shares of the company's stock after selling 4,665 shares during the period. ProVise Management Group LLC's holdings in Elevance Health were worth $6,324,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also bought and sold shares of ELV. State Street Corp raised its stake in Elevance Health by 1.2% in the third quarter. State Street Corp now owns 10,687,998 shares of the company's stock valued at $5,557,759,000 after buying an additional 129,709 shares during the period. Geode Capital Management LLC raised its stake in Elevance Health by 1.8% in the third quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company's stock valued at $2,511,814,000 after buying an additional 85,770 shares during the period. Sanders Capital LLC raised its stake in Elevance Health by 1.0% in the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company's stock valued at $2,396,814,000 after buying an additional 44,805 shares during the period. Wellington Management Group LLP raised its stake in Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company's stock valued at $2,320,024,000 after buying an additional 286,905 shares during the period. Finally, First Eagle Investment Management LLC raised its stake in Elevance Health by 47.6% in the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company's stock valued at $1,189,828,000 after buying an additional 1,039,612 shares during the period. Institutional investors own 89.24% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on ELV. StockNews.com upgraded Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday. Cantor Fitzgerald reiterated an "overweight" rating and set a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Truist Financial lowered their target price on Elevance Health from $520.00 to $480.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Argus upgraded Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 target price on the stock in a research note on Monday, March 17th. Finally, Barclays increased their target price on Elevance Health from $501.00 to $512.00 and gave the stock an "overweight" rating in a research note on Friday, January 24th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $519.81.
View Our Latest Analysis on ELV
Elevance Health Price Performance
Shares of ELV stock traded down $7.01 during trading hours on Friday, reaching $427.27. The company's stock had a trading volume of 3,034,683 shares, compared to its average volume of 1,320,784. The firm's 50 day simple moving average is $400.52 and its 200-day simple moving average is $425.32. The company has a market capitalization of $97.14 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 1.18 and a beta of 0.86. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.
Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, beating analysts' consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Sell-side analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.
Elevance Health Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be issued a dividend of $1.71 per share. This is an increase from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.60%. Elevance Health's dividend payout ratio (DPR) is 26.71%.
Insider Activity at Elevance Health
In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now owns 10,116 shares of the company's stock, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the firm's 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 sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.
About Elevance Health
(
Free Report)
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.
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