Sagespring Wealth Partners LLC Takes Position in Elevance Health, Inc. (NYSE:ELV)

Sagespring Wealth Partners LLC acquired a new position in Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 699 shares of the company’s stock, valued at approximately $258,000.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Elevance Health by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company’s stock worth $7,926,028,000 after acquiring an additional 138,380 shares in the last quarter. Wellington Management Group LLP raised its holdings in Elevance Health by 42.5% in the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock worth $2,344,556,000 after purchasing an additional 1,893,947 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Elevance Health by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company’s stock valued at $1,826,447,000 after buying an additional 115,971 shares during the last quarter. First Eagle Investment Management LLC boosted its holdings in shares of Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock valued at $1,189,828,000 after buying an additional 1,039,612 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Elevance Health during the 4th quarter worth approximately $1,135,014,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity

In other news, CAO Ronald W. Penczek sold 443 shares of the 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 owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction of $1,388,635.20. Following the completion of the sale, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Down 0.6 %

Elevance Health stock opened at $435.12 on Thursday. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The firm has a market cap of $98.51 billion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. The business’s 50-day moving average price is $415.54 and its 200 day moving average price is $412.33. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share 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%. As a group, sell-side analysts anticipate 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 was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were paid a dividend of $1.71 per share. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Monday, March 10th. Elevance Health’s dividend payout ratio is presently 26.71%.

Analyst Ratings Changes

Several research firms have issued reports on ELV. Guggenheim assumed coverage on shares of Elevance Health in a report on Wednesday, April 9th. They issued a “buy” rating and a $518.00 price target on the stock. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price on the stock in a research note on Monday, March 17th. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Barclays boosted their price target on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Elevance Health in a research report on Friday, March 28th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $514.41.

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.