Carnegie Capital Asset Management LLC Invests $660,000 in Elevance Health, Inc. (NYSE:ELV)

Carnegie Capital Asset Management LLC purchased a new position in Elevance Health, Inc. (NYSE:ELV) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,401 shares of the company’s stock, valued at approximately $660,000.

A number of other institutional investors have also recently made changes to their positions in ELV. Cerity Partners LLC grew its holdings in shares of Elevance Health by 21.3% during the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after purchasing an additional 9,199 shares during the last quarter. Chicago Capital LLC grew its holdings in shares of Elevance Health by 244.2% during the 4th quarter. Chicago Capital LLC now owns 7,028 shares of the company’s stock valued at $3,314,000 after purchasing an additional 4,986 shares during the last quarter. Lecap Asset Management Ltd. bought a new position in shares of Elevance Health during the 4th quarter valued at $2,235,000. International Assets Investment Management LLC grew its holdings in shares of Elevance Health by 45,888.1% during the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after purchasing an additional 255,138 shares during the last quarter. Finally, Avitas Wealth Management LLC bought a new position in shares of Elevance Health during the 4th quarter valued at $2,137,000. Institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ELV shares. Barclays started coverage on shares of Elevance Health in a report on Wednesday, March 6th. They set an “overweight” rating and a $584.00 target price on the stock. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Cantor Fitzgerald reissued an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a research report on Wednesday, April 10th. Royal Bank of Canada increased their price target on shares of Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Finally, Wells Fargo & Company dropped their price target on shares of Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $569.00.

Insider Activity

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $507.02 on Wednesday. Elevance Health, Inc. has a one year low of $412.00 and a one year high of $521.18. The company’s fifty day moving average price is $507.94 and its 200-day moving average price is $482.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market capitalization of $117.98 billion, a PE ratio of 20.14, a price-to-earnings-growth ratio of 1.09 and a beta of 0.78.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.60 by $0.02. The company had revenue of $42.45 billion for the quarter, compared to the consensus estimate of $42.19 billion. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. Elevance Health’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.23 earnings per share. On average, equities analysts anticipate that Elevance Health, Inc. will post 37.03 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a $1.63 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. This is an increase from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s dividend payout ratio is currently 25.90%.

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.