Perpetual Ltd Has $376,000 Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Perpetual Ltd cut its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 99.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,019 shares of the company’s stock after selling 270,283 shares during the period. Perpetual Ltd’s holdings in Elevance Health were worth $376,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. State Street Corp raised its position in shares of Elevance Health by 1.2% during the third quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after purchasing an additional 129,709 shares during the period. Geode Capital Management LLC raised its position in shares of Elevance Health by 1.8% during the third quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after purchasing an additional 85,770 shares during the period. Sanders Capital LLC raised its position in shares of Elevance Health by 1.0% during the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after purchasing an additional 44,805 shares during the period. Wellington Management Group LLP raised its position in shares of 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 purchasing an additional 286,905 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Elevance Health by 5.3% during the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company’s stock worth $2,054,641,000 after purchasing an additional 190,118 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on ELV shares. Cantor Fitzgerald dropped their price target on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Royal Bank of Canada dropped their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Mizuho dropped their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Truist Financial dropped their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Wells Fargo & Company dropped their price target on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research 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. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average price target of $524.87.

Elevance Health Stock Performance

ELV opened at $401.20 on Friday. The stock has a 50-day moving average of $386.32 and a 200-day moving average of $463.64. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a market cap of $93.05 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.10 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, beating 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%. As a group, equities research analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be paid a dividend of $1.71 per share. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 1.70%. Elevance Health’s dividend payout ratio is presently 23.77%.

Elevance Health Company 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.