First Citizens Bank & Trust Co. Has $7.89 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

First Citizens Bank & Trust Co. lessened its position in Elevance Health, Inc. (NYSE:ELV) by 6.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,395 shares of the company’s stock after selling 1,428 shares during the period. First Citizens Bank & Trust Co.’s holdings in Elevance Health were worth $7,893,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ELV. Raelipskie Partnership bought a new position in Elevance Health during the 3rd quarter worth $26,000. PSI Advisors LLC bought a new stake in shares of Elevance Health during the third quarter worth about $27,000. Eastern Bank bought a new stake in shares of Elevance Health in the third quarter worth $31,000. Dunhill Financial LLC boosted its holdings in Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. acquired a new position in shares of Elevance Health in the 3rd quarter valued at about $44,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Up 0.0 %

NYSE:ELV opened at $401.43 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The stock has a market cap of $93.10 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.11 and a beta of 0.84. The company’s 50 day moving average price is $386.21 and its 200-day moving average price is $462.34. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results 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 19.56% and a net margin of 3.68%. On average, equities research analysts forecast that Elevance Health, Inc. will post 32.95 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.70%. 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. Elevance Health’s payout ratio is presently 26.71%.

Analysts Set New Price Targets

ELV has been the topic of several recent research reports. Truist Financial cut their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Morgan Stanley lowered their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Royal Bank of Canada decreased their target price on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. TD Cowen lowered their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Finally, Wells Fargo & Company decreased their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus price target of $525.60.

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.