Strategic Financial Services Inc. Lowers Holdings in Elevance Health, Inc. (NYSE:ELV)

Strategic Financial Services Inc. lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 18.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,458 shares of the company’s stock after selling 325 shares during the period. Strategic Financial Services Inc.’s holdings in Elevance Health were worth $538,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the sale, the executive vice president now owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $766,745.11. This represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Trading Down 1.2 %

NYSE:ELV opened at $430.87 on Thursday. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The stock has a fifty day simple moving average of $398.56 and a 200-day simple moving average of $427.12. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a market capitalization of $97.96 billion, a PE ratio of 16.82, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86.

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 return on equity of 18.28% and a net margin of 3.38%. On average, equities research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a $1.71 dividend. This is a boost 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 1.59%. Elevance Health’s payout ratio is 26.71%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ELV shares. Barclays boosted their target price on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Truist Financial decreased their price objective 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 cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research note on Friday, January 24th. Finally, StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday. Two equities research 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.