Naples Global Advisors LLC Purchases 480 Shares of Elevance Health, Inc. (NYSE:ELV)

Naples Global Advisors LLC boosted its position in Elevance Health, Inc. (NYSE:ELV) by 38.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,740 shares of the company’s stock after buying an additional 480 shares during the quarter. Naples Global Advisors LLC’s holdings in Elevance Health were worth $642,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its stake in shares of Elevance Health by 50.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,970 shares of the company’s stock valued at $1,024,000 after purchasing an additional 664 shares during the last quarter. SeaCrest Wealth Management LLC boosted its stake in Elevance Health by 1.8% in the third quarter. SeaCrest Wealth Management LLC now owns 2,336 shares of the company’s stock valued at $1,215,000 after buying an additional 41 shares in the last quarter. Sumitomo Life Insurance Co. grew its position in Elevance Health by 2.8% in the third quarter. Sumitomo Life Insurance Co. now owns 2,264 shares of the company’s stock valued at $1,177,000 after acquiring an additional 61 shares during the last quarter. Tamar Securities LLC raised its stake in Elevance Health by 14.0% during the third quarter. Tamar Securities LLC now owns 31,372 shares of the company’s stock worth $16,314,000 after acquiring an additional 3,842 shares in the last quarter. Finally, ZWJ Investment Counsel Inc. raised its stake in Elevance Health by 1.6% during the third quarter. ZWJ Investment Counsel Inc. now owns 109,062 shares of the company’s stock worth $56,712,000 after acquiring an additional 1,733 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $391.68 on Friday. The company has a market cap of $90.84 billion, a P/E ratio of 15.29, a PEG ratio of 1.17 and a beta of 0.83. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The business has a 50-day moving average price of $384.96 and a two-hundred day moving average price of $450.70. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, analysts anticipate that Elevance Health, Inc. will post 34.05 EPS for the current year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is presently 25.46%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ELV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Wells Fargo & Company decreased 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 note on Tuesday, January 28th. Argus reiterated a “hold” rating and issued a $405.40 price target on shares of Elevance Health in a research note on Wednesday, January 29th. Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Finally, Truist Financial cut their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Three research 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’s stock. According to data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $517.03.

About Elevance Health

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.