CX Institutional Reduces Position in Elevance Health, Inc. (NYSE:ELV)

CX Institutional decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 37.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 864 shares of the company’s stock after selling 526 shares during the quarter. CX Institutional’s holdings in Elevance Health were worth $319,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of ELV. Raelipskie Partnership purchased a new stake in shares of Elevance Health during the third quarter worth $26,000. PSI Advisors LLC acquired a new position in shares of Elevance Health during the 3rd quarter valued at about $27,000. Eastern Bank acquired a new position in shares of Elevance Health during the 3rd quarter valued at about $31,000. Dunhill Financial LLC boosted its position in shares of Elevance Health by 57.8% during the 3rd 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. acquired a new position in shares of Elevance Health during the 3rd quarter valued at about $44,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the topic of several recent research reports. UBS Group lowered their price target on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. Truist Financial decreased their target price 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $525.60.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $401.43 on Monday. The firm has a market capitalization of $93.10 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.11 and a beta of 0.84. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm’s 50 day moving average is $386.21 and its two-hundred day moving average is $461.87.

Elevance Health (NYSE:ELV) last announced 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 3.68% and a return on equity of 19.56%. Research analysts forecast that Elevance Health, Inc. will post 32.95 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be issued a $1.71 dividend. 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 1.70%. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio is presently 23.77%.

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.