Envestnet Asset Management Inc. Reduces Holdings in Elevance Health, Inc. (NYSE:ELV)

Envestnet Asset Management Inc. cut its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 14.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 491,593 shares of the company's stock after selling 84,362 shares during the quarter. Envestnet Asset Management Inc. owned about 0.21% of Elevance Health worth $181,349,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Raelipskie Partnership acquired a new stake in Elevance Health during the third quarter worth about $26,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Elevance Health in the 4th quarter valued at approximately $26,000. OFI Invest Asset Management acquired a new stake in shares of Elevance Health during the 4th quarter worth approximately $29,000. WealthTrak Capital Management LLC purchased a new stake in shares of Elevance Health during the 4th quarter valued at approximately $29,000. Finally, Lee Danner & Bass Inc. acquired a new position in Elevance Health in the fourth quarter valued at approximately $30,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Up 0.8 %

NYSE:ELV traded up $3.43 during midday trading on Friday, reaching $439.80. The company had a trading volume of 1,350,246 shares, compared to its average volume of 1,441,797. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The firm has a market capitalization of $99.56 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 1.18 and a beta of 0.77. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The stock's fifty day simple moving average is $412.93 and its 200-day simple moving average is $413.32.

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Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Monday, March 10th. This is a boost from Elevance Health's previous quarterly dividend of $1.63. Elevance Health's payout ratio is 26.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Truist Financial raised their target price on Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a research note on Friday. Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. Barclays upped their target price on shares of Elevance Health from $501.00 to $512.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Wells Fargo & Company lowered their target price on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. Finally, Guggenheim started coverage on shares of Elevance Health in a research note on Wednesday. They issued a "buy" rating and a $518.00 price target on the stock. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Elevance Health presently has a consensus rating of "Moderate Buy" and an average price target of $521.47.

Insider Buying and Selling at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the sale, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.35% of the company's stock.

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.