Mitchell Capital Management Co. Sells 5,388 Shares of Elevance Health, Inc. (NYSE:ELV)

Mitchell Capital Management Co. trimmed its position in Elevance Health, Inc. (NYSE:ELV) by 34.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,441 shares of the company’s stock after selling 5,388 shares during the quarter. Mitchell Capital Management Co.’s holdings in Elevance Health were worth $3,852,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Lifeworks Advisors LLC increased its stake in Elevance Health by 2.5% in the third quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock valued at $539,000 after acquiring an additional 25 shares during the last quarter. Fullcircle Wealth LLC increased its stake in Elevance Health by 1.5% in the third quarter. Fullcircle Wealth LLC now owns 1,743 shares of the company’s stock valued at $906,000 after acquiring an additional 26 shares during the last quarter. Dunhill Financial LLC increased its stake in Elevance Health by 57.8% in the third 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. Catalina Capital Group LLC increased its stake in Elevance Health by 1.7% in the third quarter. Catalina Capital Group LLC now owns 1,656 shares of the company’s stock valued at $861,000 after acquiring an additional 27 shares during the last quarter. Finally, Tobam increased its stake in Elevance Health by 6.6% in the fourth quarter. Tobam now owns 434 shares of the company’s stock valued at $160,000 after acquiring an additional 27 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ELV. Cantor Fitzgerald reissued an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Wells Fargo & Company cut their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Argus restated a “hold” rating and issued a $405.40 target price on shares of Elevance Health in a research report on Wednesday, January 29th. Barclays raised their target price on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Finally, Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $517.03.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $397.09 on Friday. The firm has a market cap of $90.28 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83. The firm’s fifty day moving average is $387.78 and its 200-day moving average is $439.07. 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, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be issued a $1.71 dividend. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.72%. Elevance Health’s payout ratio is presently 26.71%.

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.