Palouse Capital Management Inc. Purchases Shares of 4,070 Elevance Health, Inc. (NYSE:ELV)

Palouse Capital Management Inc. bought a new position in Elevance Health, Inc. (NYSE:ELV - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,070 shares of the company's stock, valued at approximately $1,501,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ELV. Pathway Financial Advisers LLC increased its position in shares of Elevance Health by 51,967.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company's stock worth $341,956,000 after purchasing an additional 656,344 shares during the last quarter. Stifel Financial Corp grew its position in shares of Elevance Health by 309.7% during the 3rd quarter. Stifel Financial Corp now owns 713,027 shares of the company's stock valued at $370,794,000 after buying an additional 538,978 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Elevance Health by 85,533.1% during the 3rd quarter. International Assets Investment Management LLC now owns 532,638 shares of the company's stock valued at $276,972,000 after buying an additional 532,016 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Elevance Health by 16.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company's stock valued at $1,246,574,000 after buying an additional 334,552 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Elevance Health by 6.9% during the 3rd 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 last quarter. Institutional investors own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price target 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. Argus restated a "hold" rating and set a $405.40 price target on shares of Elevance Health in a report on Wednesday, January 29th. Cantor Fitzgerald restated an "overweight" rating and set a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Truist Financial dropped their price objective on shares of Elevance Health from $520.00 to $480.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Finally, Barclays upped their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an "overweight" rating in a research note on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $517.03.

Elevance Health Price Performance

Shares of Elevance Health stock traded down $0.98 during mid-day trading on Thursday, reaching $390.73. 1,324,897 shares of the stock were exchanged, compared to its average volume of 1,618,045. 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 company has a market cap of $90.62 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 1.15 and a beta of 0.83. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The firm has a 50-day simple moving average of $384.93 and a 200 day simple moving average of $445.67.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share 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%. On average, sell-side analysts predict that Elevance Health, Inc. will post 34 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health's previous quarterly dividend of $1.63. Elevance Health's dividend payout ratio (DPR) is 25.46%.

About Elevance Health

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.