Allstate Corp Takes $2.56 Million Position in Elevance Health, Inc. (NYSE:ELV)

Allstate Corp bought a new position in Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,927 shares of the company’s stock, valued at approximately $2,555,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Raelipskie Partnership purchased a new stake in shares of Elevance Health in the 3rd quarter valued at $26,000. Flagship Wealth Advisors LLC purchased a new stake in Elevance Health during the fourth quarter valued at about $26,000. Dunhill Financial LLC grew its stake in shares of Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after buying an additional 26 shares during the last quarter. Lee Danner & Bass Inc. purchased a new position in shares of Elevance Health in the fourth quarter worth about $30,000. Finally, OFI Invest Asset Management bought a new stake in shares of Elevance Health in the 4th quarter valued at about $29,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on ELV. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Wells Fargo & Company decreased their target price on shares of 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 reissued an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a research report on Friday. Finally, Barclays upped their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $519.81.

Insider Transactions at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at $4,008,970.80. The trade was a 25.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Elevance Health Trading Down 0.0 %

ELV opened at $431.84 on Friday. The stock has a market cap of $98.18 billion, a PE ratio of 16.86, a PEG ratio of 1.18 and a beta of 0.86. The business has a 50 day moving average of $404.45 and a 200-day moving average of $421.28. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating 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%. Equities research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.58%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.71%.

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.