Elevance Health, Inc. (NYSE:ELV) Holdings Trimmed by Cannell & Spears LLC

Cannell & Spears LLC decreased its position in Elevance Health, Inc. (NYSE:ELV) by 57.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 28,422 shares of the company’s stock after selling 37,810 shares during the quarter. Cannell & Spears LLC’s holdings in Elevance Health were worth $10,485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ELV. Raelipskie Partnership bought a new stake in shares of Elevance Health in the 3rd quarter worth approximately $26,000. Flagship Wealth Advisors LLC acquired a new position in Elevance Health during the 4th quarter valued at about $26,000. OFI Invest Asset Management acquired a new stake in Elevance Health during the 4th quarter worth $29,000. WealthTrak Capital Management LLC bought a new position in Elevance Health during the fourth quarter worth about $29,000. Finally, Lee Danner & Bass Inc. acquired a new position in shares of Elevance Health in the 4th quarter valued at $30,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $431.84 on Monday. The firm has a market capitalization of $98.18 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 1.18 and a beta of 0.86. The company’s fifty day moving average price is $404.45 and its 200-day moving average price is $420.42. 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, Inc. has a one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last posted 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 net margin of 3.38% and a return on equity of 18.28%. On average, equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.58%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Monday, March 10th. Elevance Health’s payout ratio is 26.71%.

Insider Buying and Selling at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares of the company’s stock, valued at $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ELV shares. StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Barclays boosted their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. 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. Finally, Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health has an average rating of “Moderate Buy” and an average target price of $519.81.

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.