Money Concepts Capital Corp Increases Stake in Elevance Health, Inc. (NYSE:ELV)

Money Concepts Capital Corp grew its position in shares of Elevance Health, Inc. (NYSE:ELV) by 9.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,764 shares of the company’s stock after buying an additional 146 shares during the period. Money Concepts Capital Corp’s holdings in Elevance Health were worth $651,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. State Street Corp raised its position in Elevance Health by 1.2% during the 3rd quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after buying an additional 129,709 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Elevance Health by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock valued at $2,511,814,000 after purchasing an additional 85,770 shares in the last quarter. Sanders Capital LLC increased its holdings in shares of Elevance Health by 1.0% in the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock valued at $2,396,814,000 after purchasing an additional 44,805 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Elevance Health by 6.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after purchasing an additional 286,905 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Elevance Health by 16.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after purchasing an additional 334,552 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Elevance Health stock opened at $389.94 on Friday. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The stock has a market capitalization of $90.44 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.19 and a beta of 0.83. The firm’s 50-day moving average is $386.45 and its two-hundred day moving average is $454.94. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV) last released 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%. Equities analysts predict that Elevance Health, Inc. will post 34.07 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) is currently 26.71%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ELV. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Royal Bank of Canada cut their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Truist Financial cut their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Barclays increased their price target on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Three analysts have rated the stock with a hold rating, thirteen have assigned 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 a consensus target price of $517.03.

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.