Clearstead Trust LLC Decreases Position in Elevance Health, Inc. (NYSE:ELV)

Clearstead Trust LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 82.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 133 shares of the company’s stock after selling 621 shares during the quarter. Clearstead Trust LLC’s holdings in Elevance Health were worth $49,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ELV. GSA Capital Partners LLP acquired a new position in shares of Elevance Health during the third quarter worth about $518,000. Oppenheimer Asset Management Inc. grew its holdings in Elevance Health by 1.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 7,698 shares of the company’s stock worth $4,003,000 after acquiring an additional 118 shares in the last quarter. Kovack Advisors Inc. raised its holdings in shares of Elevance Health by 9.7% in the 3rd quarter. Kovack Advisors Inc. now owns 486 shares of the company’s stock valued at $253,000 after purchasing an additional 43 shares in the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of Elevance Health by 15.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,028 shares of the company’s stock worth $3,655,000 after purchasing an additional 941 shares during the last quarter. Finally, Impax Asset Management Group plc lifted its position in shares of Elevance Health by 6.0% during the 3rd quarter. Impax Asset Management Group plc now owns 25,305 shares of the company’s stock worth $13,159,000 after purchasing an additional 1,435 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ELV has been the topic of a number of analyst reports. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Wells Fargo & Company decreased their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Argus reissued a “hold” rating and set a $405.40 price objective on shares of Elevance Health in a report on Wednesday, January 29th. Finally, 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. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction dated 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 in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. This represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Elevance Health Trading Up 1.1 %

NYSE:ELV opened at $421.72 on Friday. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. 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 stock’s 50 day simple moving average is $395.45 and its 200-day simple moving average is $429.65. The firm has a market cap of $95.88 billion, a P/E ratio of 16.47, a PEG ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS 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%. Equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be given a dividend of $1.71 per share. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.62%. Elevance Health’s payout ratio is presently 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.