HighTower Advisors LLC Trims Stock Position in Elevance Health, Inc. (NYSE:ELV)

HighTower Advisors LLC cut its position in shares of Elevance Health, Inc. (NYSE:ELV) by 40.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 41,357 shares of the company’s stock after selling 27,656 shares during the quarter. HighTower Advisors LLC’s holdings in Elevance Health were worth $15,256,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Prosperity Financial Group Inc. raised its stake in Elevance Health by 10.4% during the fourth quarter. Prosperity Financial Group Inc. now owns 964 shares of the company’s stock worth $356,000 after purchasing an additional 91 shares during the period. Natural Investments LLC acquired a new stake in shares of Elevance Health during the fourth quarter valued at about $583,000. AGF Management Ltd. increased its position in shares of Elevance Health by 10.4% during the fourth quarter. AGF Management Ltd. now owns 9,782 shares of the company’s stock valued at $3,609,000 after acquiring an additional 924 shares during the last quarter. Wealthfront Advisers LLC increased its position in shares of Elevance Health by 1,034.3% during the fourth quarter. Wealthfront Advisers LLC now owns 151,019 shares of the company’s stock valued at $55,711,000 after acquiring an additional 137,705 shares during the last quarter. Finally, Inspire Advisors LLC acquired a new stake in shares of Elevance Health during the fourth quarter valued at about $716,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ELV shares. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Barclays lifted their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Argus restated a “hold” rating and issued a $405.40 price objective on shares of Elevance Health in a report on Wednesday, January 29th. Finally, Truist Financial dropped their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Four research 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Stock Up 1.1 %

Shares of Elevance Health stock opened at $421.72 on Friday. The company has a market capitalization of $95.88 billion, a P/E ratio of 16.47, a P/E/G ratio of 1.18 and a beta of 0.86. 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, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a 50 day moving average of $395.45 and a 200 day moving average of $429.65.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping 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, research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently disclosed 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. This represents a $6.84 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is currently 26.71%.

Insider Transactions at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction 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 completion of the sale, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. This represents a 25.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the sale, 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. Insiders own 0.35% of the company’s stock.

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.