Naviter Wealth LLC Buys New Position in Elevance Health, Inc. (NYSE:ELV)

Naviter Wealth LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,524 shares of the company’s stock, valued at approximately $1,300,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in Elevance Health by 4.5% during the third quarter. Principal Financial Group Inc. now owns 272,649 shares of the company’s stock worth $141,777,000 after buying an additional 11,646 shares during the last quarter. Consolidated Planning Corp bought a new position in shares of Elevance Health in the 3rd quarter worth about $444,000. TFB Advisors LLC lifted its stake in shares of Elevance Health by 23.6% in the 3rd quarter. TFB Advisors LLC now owns 540 shares of the company’s stock valued at $281,000 after purchasing an additional 103 shares during the period. Leavell Investment Management Inc. boosted its position in shares of Elevance Health by 3.4% during the 3rd quarter. Leavell Investment Management Inc. now owns 6,165 shares of the company’s stock valued at $3,206,000 after purchasing an additional 200 shares in the last quarter. Finally, Equitable Trust Co. grew its stake in Elevance Health by 159.6% during the third quarter. Equitable Trust Co. now owns 1,760 shares of the company’s stock worth $915,000 after purchasing an additional 1,082 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on ELV shares. Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Truist Financial dropped 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. StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Saturday, March 1st. Wells Fargo & Company decreased their price target on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Finally, Argus reissued a “hold” rating and set a $405.40 price objective on shares of Elevance Health in a research report on Wednesday, January 29th. 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $517.03.

Insiders Place Their Bets

In other Elevance Health news, 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 value of $1,388,635.20. Following the transaction, the executive vice president now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.35% of the stock is currently owned by insiders.

Elevance Health Stock Up 1.7 %

ELV stock opened at $409.59 on Friday. The firm has a market capitalization of $93.12 billion, a PE ratio of 15.99, a P/E/G ratio of 1.18 and a beta of 0.86. 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, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The stock’s 50 day moving average is $390.64 and its 200-day moving average is $434.13.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data 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 return on equity of 18.28% and a net margin of 3.38%. Sell-side analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 1.67%. Elevance Health’s payout ratio is 26.71%.

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.