Elevance Health, Inc. (NYSE:ELV) Shares Sold by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC cut its position in shares of Elevance Health, Inc. (NYSE:ELV) by 43.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 10,537 shares of the company’s stock after selling 8,124 shares during the period. Verdence Capital Advisors LLC’s holdings in Elevance Health were worth $3,887,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Raelipskie Partnership bought a new stake in shares of Elevance Health during the 3rd quarter worth $26,000. Crews Bank & Trust acquired a new position in Elevance Health in the fourth quarter valued at approximately $34,000. Dunhill Financial LLC grew its position in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the period. Peterson Financial Group Inc. bought a new position in shares of Elevance Health during the third quarter worth $44,000. Finally, Financial Perspectives Inc bought a new stake in shares of Elevance Health in the fourth quarter worth about $50,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $397.68 on Wednesday. The firm has a market cap of $90.41 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.18 and a beta of 0.83. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The firm’s fifty day moving average is $388.77 and its 200 day moving average is $436.31.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a $1.71 dividend. The ex-dividend date 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 1.72%. Elevance Health’s dividend payout ratio is 26.71%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company lowered their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research note on Friday, January 24th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Finally, Argus reissued a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research note on Wednesday, January 29th. Three 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, Elevance Health has a consensus rating of “Moderate Buy” and an average target price of $517.03.

About Elevance Health

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.