LPL Financial LLC Reduces Holdings in Elevance Health, Inc. (NYSE:ELV)

LPL Financial LLC lowered its position in Elevance Health, Inc. (NYSE:ELV) by 5.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,209 shares of the company’s stock after selling 10,865 shares during the quarter. LPL Financial LLC owned 0.08% of Elevance Health worth $65,372,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Raelipskie Partnership purchased a new position in Elevance Health in the third quarter valued at about $26,000. Flagship Wealth Advisors LLC purchased a new position in shares of Elevance Health during the 4th quarter valued at approximately $26,000. OFI Invest Asset Management purchased a new position in shares of Elevance Health during the 4th quarter valued at approximately $29,000. Lee Danner & Bass Inc. acquired a new stake in shares of Elevance Health during the fourth quarter worth approximately $30,000. Finally, Crews Bank & Trust acquired a new stake in Elevance Health in the fourth quarter valued at $34,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Argus raised shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price objective for the company in a report on Monday, March 17th. Wells Fargo & Company lowered their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Truist Financial reduced their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Barclays boosted 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, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $519.81.

Elevance Health Trading Up 1.6 %

Shares of NYSE:ELV opened at $430.29 on Thursday. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The company has a market cap of $97.83 billion, a PE ratio of 16.80, a P/E/G ratio of 1.18 and a beta of 0.86. The company’s 50-day moving average price is $402.56 and its 200 day moving average price is $422.85.

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 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%. Sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.59%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date was Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) is 26.71%.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. This represents 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.