Concord Wealth Partners Cuts Holdings in Elevance Health, Inc. (NYSE:ELV)

Concord Wealth Partners lowered its position in shares of Elevance Health, Inc. (NYSE:ELV) by 2.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,388 shares of the company’s stock after selling 57 shares during the quarter. Concord Wealth Partners’ holdings in Elevance Health were worth $881,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. Raelipskie Partnership bought a new position in Elevance Health in the 3rd quarter valued at $26,000. PSI Advisors LLC bought a new position in Elevance Health during the third quarter valued at about $27,000. Eastern Bank bought a new stake in Elevance Health in the third quarter worth about $31,000. Crews Bank & Trust bought a new position in shares of Elevance Health during the 4th quarter valued at approximately $34,000. Finally, Dunhill Financial LLC raised its holdings in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. 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 report on Tuesday. TD Cowen dropped their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Truist Financial reduced their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Morgan Stanley cut their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, Raymond James set a $485.00 target price on Elevance Health in a research report on Friday, October 18th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Elevance Health has an average rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Trading Down 0.9 %

Shares of ELV opened at $395.82 on Friday. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. The company has a market capitalization of $91.80 billion, a P/E ratio of 15.46, a P/E/G ratio of 1.20 and a beta of 0.84. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The firm’s 50 day simple moving average is $386.50 and its 200 day simple moving average is $457.81.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) 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%. Sell-side analysts forecast that Elevance Health, Inc. will post 34.09 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.73%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. Elevance Health’s payout ratio is presently 25.46%.

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.