First Citizens Bank & Trust Co. Sells 1,428 Shares of Elevance Health, Inc. (NYSE:ELV)

First Citizens Bank & Trust Co. cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 6.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,395 shares of the company’s stock after selling 1,428 shares during the period. First Citizens Bank & Trust Co.’s holdings in Elevance Health were worth $7,893,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Mackenzie Financial Corp increased its holdings in shares of Elevance Health by 1.1% during the 2nd quarter. Mackenzie Financial Corp now owns 73,964 shares of the company’s stock worth $40,078,000 after purchasing an additional 773 shares during the period. Kathmere Capital Management LLC bought a new stake in shares of Elevance Health during the second quarter valued at approximately $210,000. Ascent Group LLC increased its position in shares of Elevance Health by 30.2% during the second quarter. Ascent Group LLC now owns 4,903 shares of the company’s stock valued at $2,657,000 after purchasing an additional 1,138 shares during the period. Creative Planning increased its position in shares of Elevance Health by 10.3% during the second quarter. Creative Planning now owns 31,156 shares of the company’s stock valued at $16,882,000 after purchasing an additional 2,901 shares during the period. Finally, Magnolia Capital Advisors LLC bought a new stake in Elevance Health in the 2nd quarter valued at $19,085,000. 89.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Truist Financial lowered their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $520.00 to $440.00 in a research note on Wednesday. TD Cowen decreased their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Finally, Barclays increased their target price on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $525.60.

Elevance Health Stock Up 0.0 %

Shares of NYSE ELV opened at $401.43 on Friday. The stock has a market cap of $93.10 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.11 and a beta of 0.84. The firm has a 50 day moving average price of $386.21 and a 200 day moving average price of $462.34. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV) last announced its quarterly 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 3.68% and a return on equity of 19.56%. Analysts expect that Elevance Health, Inc. will post 32.95 EPS 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 of this dividend is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.70%. Elevance Health’s payout ratio is currently 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.