Elevance Health, Inc. (NYSE:ELV) Position Cut by ProVise Management Group LLC

ProVise Management Group LLC lowered its position in shares of Elevance Health, Inc. (NYSE:ELV) by 21.4% in the 4th quarter, Holdings Channel reports. The fund owned 17,143 shares of the company’s stock after selling 4,665 shares during the period. ProVise Management Group LLC’s holdings in Elevance Health were worth $6,324,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Raelipskie Partnership bought a new position in Elevance Health in the 3rd quarter worth about $26,000. Flagship Wealth Advisors LLC acquired a new stake in Elevance Health in the 4th quarter valued at approximately $26,000. Dunhill Financial LLC raised its stake in Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares in the last quarter. OFI Invest Asset Management acquired a new position in Elevance Health during the 4th quarter worth $29,000. Finally, Crews Bank & Trust bought a new position in shares of Elevance Health in the fourth quarter worth $34,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV opened at $436.32 on Wednesday. The company has a 50-day moving average of $397.60 and a two-hundred day moving average of $427.09. The stock has a market cap of $99.20 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 1.18 and a beta of 0.86. 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 one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data 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 net margin of 3.38% and a return on equity of 18.28%. On average, equities research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The firm 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 represents a $6.84 annualized dividend and a yield of 1.57%. This is a positive change 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%.

Insiders Place Their Bets

In other news, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 1,847 shares of the company’s stock, valued at $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were 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 directly owns 10,116 shares in the company, valued at $4,008,970.80. The trade was 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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. StockNews.com cut Elevance Health from a “buy” rating to a “hold” rating in a report on Wednesday, March 12th. Argus upgraded 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. Finally, Wells Fargo & Company cut their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $519.81.

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.