Elevance Health, Inc. (NYSE:ELV) Shares Sold by ProVise Management Group LLC

ProVise Management Group LLC decreased its position in Elevance Health, Inc. (NYSE:ELV) by 21.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,143 shares of the company’s stock after selling 4,665 shares during the period. ProVise Management Group LLC’s holdings in Elevance Health were worth $6,324,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ELV. Raelipskie Partnership acquired a new position in shares of Elevance Health in the third quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth $26,000. Dunhill Financial LLC increased its stake in Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after purchasing an additional 26 shares during the last quarter. OFI Invest Asset Management purchased a new position in Elevance Health during the fourth quarter worth about $29,000. Finally, Crews Bank & Trust acquired a new stake in Elevance Health in the 4th quarter worth about $34,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ELV has been the topic of several recent analyst reports. Wells Fargo & Company cut their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. StockNews.com downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Wednesday, March 12th. Truist Financial dropped their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Argus raised Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price objective on the stock in a research note on Monday. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $519.81.

Insiders Place Their Bets

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The shares were 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 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Elevance Health Price Performance

ELV stock opened at $436.32 on Wednesday. The company has a market capitalization of $99.20 billion, a PE ratio of 17.04, a P/E/G ratio of 1.18 and a beta of 0.86. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average is $397.60 and its two-hundred day moving average is $427.09. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV) last posted 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 3.38% and a return on equity of 18.28%. Analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be issued a $1.71 dividend. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 1.57%. The ex-dividend date is Monday, March 10th. Elevance Health’s payout ratio is currently 26.71%.

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.