Prana Capital Management LP Has $9.25 Million Stake in Elevance Health, Inc. (NYSE:ELV)

Prana Capital Management LP reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 51.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,083 shares of the company’s stock after selling 26,132 shares during the period. Prana Capital Management LP’s holdings in Elevance Health were worth $9,253,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health in the 4th quarter valued at approximately $25,000. Flagship Wealth Advisors LLC bought a new position in Elevance Health in the 4th quarter valued at approximately $26,000. WealthTrak Capital Management LLC bought a new position in Elevance Health in the 4th quarter valued at approximately $29,000. Lee Danner & Bass Inc. bought a new position in Elevance Health in the 4th quarter valued at approximately $30,000. Finally, OFI Invest Asset Management bought a new position in Elevance Health in the 4th quarter valued at approximately $29,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Price Performance

ELV opened at $376.04 on Thursday. The firm has a market cap of $84.96 billion, a P/E ratio of 14.68, a PEG ratio of 1.18 and a beta of 0.66. 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. The firm has a 50-day moving average of $423.27 and a 200 day moving average of $403.95.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The firm had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. On average, research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s dividend payout ratio (DPR) is 26.69%.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health 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 directly owns 10,116 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,535 shares of company stock worth $3,521,612. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ELV shares. Sanford C. Bernstein reiterated an “outperform” rating on shares of Elevance Health in a report on Friday, March 28th. Guggenheim restated a “buy” rating and set a $518.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Wells Fargo & Company lowered their price target on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Finally, Argus set a $465.00 price target on shares of Elevance Health in a report on Friday, April 25th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $510.38.

Elevance Health Company 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.