Elevance Health, Inc. (NYSE:ELV) Shares Bought by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 37.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 756 shares of the company’s stock after acquiring an additional 206 shares during the period. Legacy Capital Group California Inc.’s holdings in Elevance Health were worth $279,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELV. ING Groep NV purchased a new stake in Elevance Health in the 4th quarter worth approximately $10,927,000. Hussman Strategic Advisors Inc. acquired a new stake in shares of Elevance Health during the fourth quarter worth $775,000. Bryn Mawr Capital Management LLC grew its position in shares of Elevance Health by 4,275.0% in the fourth quarter. Bryn Mawr Capital Management LLC now owns 98,088 shares of the company’s stock valued at $36,185,000 after purchasing an additional 95,846 shares during the period. Financial Perspectives Inc acquired a new position in Elevance Health in the fourth quarter valued at $50,000. Finally, Alberta Investment Management Corp increased its stake in Elevance Health by 100.1% in the fourth quarter. Alberta Investment Management Corp now owns 17,611 shares of the company’s stock valued at $6,497,000 after purchasing an additional 8,808 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $385.04 on Friday. The business’s 50-day simple moving average is $385.25 and its 200 day simple moving average is $444.32. The company has a market cap of $89.30 billion, a P/E ratio of 15.03, a PEG ratio of 1.18 and a beta of 0.83. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last posted its earnings results 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%. On average, sell-side analysts forecast that Elevance Health, Inc. will post 34 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is 25.46%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Truist Financial lowered their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Barclays boosted their target price on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research note on Friday, January 24th. Argus reissued a “hold” rating and set a $405.40 price objective on shares of Elevance Health in a research note on Wednesday, January 29th. Finally, Mizuho cut their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $517.03.

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.