Patriot Financial Group Insurance Agency LLC Acquires 478 Shares of Elevance Health, Inc. (NYSE:ELV)

Patriot Financial Group Insurance Agency LLC lifted its holdings in Elevance Health, Inc. (NYSE:ELV) by 11.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,490 shares of the company’s stock after buying an additional 478 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Elevance Health were worth $1,656,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ELV. 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 lifted its stake 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 acquiring an additional 1,138 shares during the period. Creative Planning increased its position in Elevance Health by 10.3% in the second quarter. Creative Planning now owns 31,156 shares of the company’s stock worth $16,882,000 after purchasing an additional 2,901 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Elevance Health by 6.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124,824 shares of the company’s stock worth $67,646,000 after buying an additional 7,530 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Elevance Health by 21.0% during the 2nd quarter. NewEdge Advisors LLC now owns 14,364 shares of the company’s stock worth $7,783,000 after acquiring an additional 2,492 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Elevance Health stock opened at $410.46 on Tuesday. The stock has a market cap of $95.19 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.11 and a beta of 0.84. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The business has a 50-day simple moving average of $386.21 and a 200 day simple moving average of $461.36. 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 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%. On average, research analysts forecast that Elevance Health, Inc. will post 32.95 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Monday, March 10th. Elevance Health’s payout ratio is 23.77%.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of research analyst reports. Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Barclays lifted their price target on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research note on Friday. 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 note on Tuesday, November 5th. Stephens downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company cut their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $524.47.

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.