Sandy Spring Bank Sells 2,840 Shares of Elevance Health, Inc. (NYSE:ELV)

Sandy Spring Bank decreased its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 17.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,180 shares of the company's stock after selling 2,840 shares during the quarter. Sandy Spring Bank's holdings in Elevance Health were worth $4,862,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. First Eagle Investment Management LLC increased its position in Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company's stock worth $1,189,828,000 after buying an additional 1,039,612 shares during the period. Stifel Financial Corp grew its stake in shares of Elevance Health by 309.7% in the third quarter. Stifel Financial Corp now owns 713,027 shares of the company's stock worth $370,794,000 after acquiring an additional 538,978 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company's stock worth $1,246,574,000 after acquiring an additional 334,552 shares during the last quarter. Wellington Management Group LLP increased its position in Elevance Health by 6.9% during the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company's stock worth $2,320,024,000 after acquiring an additional 286,905 shares during the period. Finally, World Investment Advisors LLC acquired a new position in Elevance Health during the 3rd quarter valued at $129,221,000. 89.24% of the stock is owned by institutional investors.

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Elevance Health Price Performance

Shares of NYSE ELV traded up $0.43 during mid-day trading on Monday, hitting $427.62. 972,096 shares of the stock were exchanged, compared to its average volume of 1,319,389. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The stock's fifty day simple moving average is $400.52 and its two-hundred day simple moving average is $424.46. 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 has a market cap of $97.22 billion, a P/E ratio of 16.70, a PEG ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts' consensus estimates 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, analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a dividend of $1.71 per share. This is an increase from Elevance Health's previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.60%. Elevance Health's dividend payout ratio is 26.71%.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company's stock, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction on Monday, March 10th. The shares were 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. 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.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Argus upgraded shares of Elevance Health from a "hold" rating to a "buy" rating and set a $450.00 price target on the stock in a research report on Monday, March 17th. StockNews.com upgraded Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday. Truist Financial reduced their price objective on Elevance Health from $520.00 to $480.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Wells Fargo & Company lowered their price objective on Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 28th. Finally, Barclays raised their target price on Elevance Health from $501.00 to $512.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and an average price target of $519.81.

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.