Franklin Resources Inc. Trims Stock Position in Elevance Health, Inc. (NYSE:ELV)

Franklin Resources Inc. reduced its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,156,189 shares of the company's stock after selling 56,650 shares during the period. Franklin Resources Inc. owned 0.50% of Elevance Health worth $426,518,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Raelipskie Partnership acquired a new stake in shares of Elevance Health during the 3rd quarter worth approximately $26,000. Flagship Wealth Advisors LLC purchased a new position in Elevance Health in the fourth quarter worth approximately $26,000. OFI Invest Asset Management acquired a new stake in Elevance Health during the fourth quarter worth $29,000. WealthTrak Capital Management LLC purchased a new stake in Elevance Health in the fourth quarter valued at $29,000. Finally, Lee Danner & Bass Inc. acquired a new position in shares of Elevance Health in the 4th quarter valued at $30,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Down 5.1 %

Shares of ELV traded down $22.99 during midday trading on Friday, hitting $429.71. The company had a trading volume of 3,783,162 shares, compared to its average volume of 1,413,289. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The firm has a market capitalization of $97.28 billion, a P/E ratio of 16.78, a P/E/G ratio of 1.18 and a beta of 0.77. 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 company's 50-day simple moving average is $408.16 and its 200-day simple moving average is $419.12.

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Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.59%. The ex-dividend date was Monday, March 10th. This is an increase from Elevance Health's previous quarterly dividend of $1.63. Elevance Health's payout ratio is currently 26.71%.

Analyst Ratings Changes

A number of brokerages recently issued reports on ELV. Stephens downgraded Elevance Health from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Cantor Fitzgerald reiterated an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Barclays upped their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the stock an "overweight" rating in a report on Friday, January 24th. Truist Financial lowered their price objective on shares of Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $519.81.

Insider Transactions at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business's stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of Elevance Health 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 directly owns 1,847 shares in the company, valued at $766,745.11. The trade was a 19.34 % 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.