Parallel Advisors LLC Lowers Position in Elevance Health, Inc. (NYSE:ELV)

Parallel Advisors LLC lessened its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 35.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,457 shares of the company's stock after selling 1,357 shares during the period. Parallel Advisors LLC's holdings in Elevance Health were worth $907,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Raelipskie Partnership bought a new stake in shares of Elevance Health during the third quarter worth approximately $26,000. Dunhill Financial LLC raised its holdings in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company's stock worth $37,000 after buying an additional 26 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Elevance Health during the 4th quarter worth $29,000. Crews Bank & Trust acquired a new stake in Elevance Health in the fourth quarter valued at about $34,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Elevance Health during the 3rd quarter valued at approximately $52,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Wells Fargo & Company dropped their target price on Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a research report on Tuesday, January 28th. 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. Truist Financial lowered their target price on Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a report on Monday, January 6th. Stephens downgraded Elevance Health from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Finally, Argus upgraded shares of Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 price objective on the stock in a report on Monday, March 17th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and an average target price of $519.81.

Remove Ads

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company's stock in a transaction dated 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 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. Corporate insiders own 0.35% of the company's stock.

Elevance Health Stock Performance

Shares of NYSE ELV traded up $0.43 during mid-day trading on Monday, reaching $427.62. 972,096 shares of the company's stock were exchanged, compared to its average volume of 1,319,389. The firm has a market capitalization of $97.22 billion, a price-to-earnings ratio of 16.70, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The firm has a 50-day moving average price of $400.52 and a two-hundred day moving average price of $424.46. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data 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%. Analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be given a $1.71 dividend. This is an increase from Elevance Health's previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Monday, March 10th. Elevance Health's dividend payout ratio (DPR) is currently 26.71%.

Elevance Health 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.