Clearstead Trust LLC Reduces Holdings in Elevance Health, Inc. (NYSE:ELV)

Clearstead Trust LLC lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 82.4% during the 4th quarter, Holdings Channel reports. The firm owned 133 shares of the company’s stock after selling 621 shares during the quarter. Clearstead Trust LLC’s holdings in Elevance Health were worth $49,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Raelipskie Partnership acquired a new stake in Elevance Health during the 3rd quarter valued at $26,000. OFI Invest Asset Management acquired a new stake in shares of Elevance Health during the fourth quarter valued at $29,000. Crews Bank & Trust acquired a new position in Elevance Health in the 4th quarter valued at about $34,000. Dunhill Financial LLC lifted its holdings in 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 in the last quarter. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Elevance Health during the 3rd quarter worth about $44,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Up 1.1 %

Shares of Elevance Health stock opened at $421.72 on Friday. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The stock has a market cap of $95.88 billion, a price-to-earnings ratio of 16.47, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The company has a fifty day moving average price of $395.45 and a 200 day moving average price of $429.65.

Elevance Health (NYSE:ELV) last issued its earnings results 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 return on equity of 18.28% and a net margin of 3.38%. Equities research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a $1.71 dividend. 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 annualized dividend and a dividend yield of 1.62%. Elevance Health’s dividend payout ratio is 26.71%.

Analyst Ratings Changes

ELV has been the topic of several recent analyst reports. Stephens downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Wells Fargo & Company dropped their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Barclays lifted their price target on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Finally, StockNews.com lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $517.03.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health 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 transaction, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ronald W. Penczek sold 443 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total value of $183,902.59. Following the sale, the chief accounting officer now owns 1,847 shares in the company, valued at $766,745.11. The trade was a 19.34 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

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.