Pathway Financial Advisers LLC Sells 656,323 Shares of Elevance Health, Inc. (NYSE:ELV)

Pathway Financial Advisers LLC reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 99.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,284 shares of the company’s stock after selling 656,323 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Elevance Health were worth $474,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Raelipskie Partnership bought a new position in shares of Elevance Health during the 3rd quarter valued at approximately $26,000. PSI Advisors LLC bought a new stake in Elevance Health in the third quarter worth $27,000. Eastern Bank purchased a new position in Elevance Health during the third quarter worth $31,000. Dunhill Financial LLC increased its position in Elevance Health by 57.8% during 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. purchased a new stake in shares of Elevance Health in the third quarter valued at $44,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Trading Down 1.5 %

Shares of NYSE:ELV opened at $385.52 on Thursday. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The business’s fifty day simple moving average is $384.96 and its 200-day simple moving average is $450.70. The company has a market capitalization of $89.41 billion, a PE ratio of 15.05, a P/E/G ratio of 1.17 and a beta of 0.83. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, equities research analysts predict that Elevance Health, Inc. will post 34.05 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. Stockholders of record on Monday, March 10th will be given a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.77%. Elevance Health’s dividend payout ratio is presently 25.46%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Morgan Stanley cut their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Argus reissued a “hold” rating and set a $405.40 target price on shares of Elevance Health in a research note on Wednesday, January 29th. Stephens downgraded 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. Royal Bank of Canada lowered their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Finally, Barclays raised their target price on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $517.03.

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.