Wesbanco Bank Inc. Decreases Position in Elevance Health, Inc. (NYSE:ELV)

Wesbanco Bank Inc. lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 2.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,299 shares of the company’s stock after selling 36 shares during the quarter. Wesbanco Bank Inc.’s holdings in Elevance Health were worth $479,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. State Street Corp grew its stake in Elevance Health by 1.2% during the 3rd quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after purchasing an additional 129,709 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Elevance Health by 1.8% during the third quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock worth $2,511,814,000 after buying an additional 85,770 shares in the last quarter. Sanders Capital LLC increased its stake in shares of Elevance Health by 1.0% during the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after buying an additional 44,805 shares during the period. Wellington Management Group LLP raised its holdings in Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after acquiring an additional 286,905 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after acquiring an additional 334,552 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ELV shares. Morgan Stanley dropped their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Royal Bank of Canada dropped their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Stephens downgraded 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 report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a report on Friday. Finally, UBS Group decreased their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $525.60.

Elevance Health Trading Up 0.0 %

NYSE ELV opened at $401.43 on Friday. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26. The firm has a market cap of $93.10 billion, a PE ratio of 14.63, a P/E/G ratio of 1.11 and a beta of 0.84. The firm’s fifty day moving average is $386.20 and its two-hundred day moving average is $463.21. 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 (NYSE:ELV) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. Analysts expect that Elevance Health, Inc. will post 32.95 earnings per share for the current year.

Elevance Health Increases Dividend

The company 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 $1.71 dividend. 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 1.70%. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s payout ratio is currently 23.77%.

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.