1ST Source Bank Has $709,000 Stock Position in Elevance Health, Inc. (NYSE:ELV)

1ST Source Bank reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 2.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,923 shares of the company’s stock after selling 53 shares during the period. 1ST Source Bank’s holdings in Elevance Health were worth $709,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its stake 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 period. Geode Capital Management LLC raised its stake in Elevance Health by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after buying an additional 85,770 shares during the period. Sanders Capital LLC raised its stake in Elevance Health by 1.0% during the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after buying an additional 44,805 shares during the period. Wellington Management Group LLP raised its stake in Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after buying an additional 286,905 shares during the period. Finally, First Eagle Investment Management LLC raised its stake in Elevance Health by 47.6% during the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock worth $1,189,828,000 after buying an additional 1,039,612 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of 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. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Price Performance

Shares of NYSE ELV opened at $431.29 on Tuesday. The stock has a fifty day simple moving average of $396.48 and a two-hundred day simple moving average of $427.94. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. The firm has a market cap of $98.06 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last announced 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%. Analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.59%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s dividend payout ratio is 26.71%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ELV. StockNews.com downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, March 12th. Barclays increased their price objective on 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 reissued an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Argus raised Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price objective for the company in a research note on Monday. Finally, Wells Fargo & Company lowered their price objective 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. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock 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.