Elevance Health, Inc. (NYSE:ELV) Position Reduced by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc decreased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 2.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,887 shares of the company’s stock after selling 58 shares during the period. Pinnacle Financial Partners Inc’s holdings in Elevance Health were worth $1,065,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in Elevance Health by 1.2% in the third quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after buying an additional 129,709 shares during the last quarter. Geode Capital Management LLC grew its position in Elevance Health by 1.8% in the third quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after buying an additional 85,770 shares during the last quarter. Sanders Capital LLC grew its position in Elevance Health by 1.0% in the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after buying an additional 44,805 shares during the last quarter. Wellington Management Group LLP grew its position in Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after buying an additional 286,905 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after buying an additional 334,552 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

ELV has been the topic of several recent research reports. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. StockNews.com cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday. Argus reiterated a “hold” rating and set a $405.40 price objective on shares of Elevance Health in a research report on Wednesday, January 29th. Mizuho lowered their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Finally, Truist Financial lowered their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Trading Down 1.4 %

Elevance Health stock opened at $385.04 on Monday. The stock has a market cap of $89.30 billion, a P/E ratio of 15.03, a P/E/G ratio of 1.18 and a beta of 0.83. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company’s fifty day simple moving average is $385.25 and its 200-day simple moving average is $443.22. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (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%. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS 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. Investors of record on Monday, March 10th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 1.78%. Elevance Health’s dividend payout ratio is currently 25.46%.

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.