Canal Capital Management LLC Has $229,000 Stake in Elevance Health, Inc. (NYSE:ELV)

Canal Capital Management LLC lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 7.6% during the 4th quarter, HoldingsChannel reports. The firm owned 622 shares of the company’s stock after selling 51 shares during the period. Canal Capital Management LLC’s holdings in Elevance Health were worth $229,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Virtu Financial LLC acquired a new position in shares of Elevance Health during the third quarter worth about $2,828,000. Te Ahumairangi Investment Management Ltd grew its stake in shares of Elevance Health by 39.6% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 10,508 shares of the company’s stock worth $5,433,000 after acquiring an additional 2,983 shares in the last quarter. Tudor Financial Inc. acquired a new position in Elevance Health during the third quarter worth $235,000. Anchor Investment Management LLC grew its position in Elevance Health by 22.9% in the third quarter. Anchor Investment Management LLC now owns 6,098 shares of the company’s stock valued at $3,171,000 after purchasing an additional 1,135 shares in the last quarter. Finally, World Investment Advisors LLC bought a new stake in Elevance Health during the 3rd quarter worth about $8,855,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Baird R W lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Finally, Barclays boosted their target price on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a report on Friday, January 24th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $508.81.

Elevance Health Stock Performance

NYSE:ELV opened at $405.68 on Tuesday. The company has a market cap of $91.84 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 1.18 and a beta of 0.77. The stock has a fifty day moving average price of $417.18 and a 200-day moving average price of $409.20. 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 debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results 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 net margin of 3.38% and a return on equity of 18.28%. As a group, equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were given a dividend of $1.71 per share. 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 1.69%. The ex-dividend date of this dividend was Monday, March 10th. Elevance Health’s dividend payout ratio is currently 26.71%.

Insider Activity at Elevance Health

In other news, 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 value of $183,902.59. Following the completion of the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. This represents a 19.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction on 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 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 disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

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.