Federated Hermes Inc. Has $11.63 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Federated Hermes Inc. decreased its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 37.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,534 shares of the company's stock after selling 18,901 shares during the quarter. Federated Hermes Inc.'s holdings in Elevance Health were worth $11,633,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC purchased a new position in shares of Elevance Health during the fourth quarter valued at approximately $26,000. OFI Invest Asset Management acquired a new position in Elevance Health in the fourth quarter valued at $29,000. WealthTrak Capital Management LLC purchased a new position in shares of Elevance Health during the 4th quarter worth about $29,000. Lee Danner & Bass Inc. purchased a new position in Elevance Health during the fourth quarter worth approximately $30,000. Finally, Crews Bank & Trust acquired a new position in Elevance Health in the fourth quarter valued at $34,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

NYSE ELV traded down $3.22 during trading hours on Tuesday, hitting $437.95. The company had a trading volume of 250,964 shares, compared to its average volume of 1,436,493. The business has a fifty day simple moving average of $413.71 and a 200-day simple moving average of $411.99. The firm has a market cap of $99.15 billion, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. 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, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26.

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

Elevance Health Increases Dividend

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

Insider Activity

In other news, CAO Ronald W. Penczek sold 443 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the sale, the chief accounting officer now directly owns 1,847 shares of the company's stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the sale, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. This trade 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.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ELV shares. Robert W. Baird reiterated a "neutral" rating and set a $529.00 price objective (down from $625.00) on shares of Elevance Health in a research note on Tuesday. Argus raised shares of Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 price target for the company in a report on Monday, March 17th. Truist Financial boosted their price objective on shares of Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a report on Friday. StockNews.com upgraded Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research note on Friday, January 24th. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $514.41.

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.