Elevance Health, Inc. (NYSE:ELV) Shares Sold by Latitude Advisors LLC

Latitude Advisors LLC lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 3.2% in the fourth quarter, Holdings Channel reports. The fund owned 936 shares of the company’s stock after selling 31 shares during the quarter. Latitude Advisors LLC’s holdings in Elevance Health were worth $345,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Elevance Health by 1.2% during the third quarter. State Street Corp now owns 10,687,998 shares of the company’s stock valued at $5,557,759,000 after purchasing an additional 129,709 shares during the last quarter. Geode Capital Management LLC lifted its holdings 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 valued at $2,511,814,000 after purchasing an additional 85,770 shares during the last quarter. Sanders Capital LLC grew its holdings 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 valued at $2,396,814,000 after buying an additional 44,805 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Elevance Health by 6.9% during the 3rd 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 valued at $1,246,574,000 after acquiring an additional 334,552 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Up 1.3 %

ELV opened at $396.34 on Tuesday. The business’s 50-day moving average price is $385.87 and its 200-day moving average price is $452.95. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The company has a market cap of $91.92 billion, a P/E ratio of 15.48, a P/E/G ratio of 1.17 and a beta of 0.83.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts expect that Elevance Health, Inc. will post 34.05 EPS for the current 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 issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.73%. 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 payout ratio is currently 26.71%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ELV shares. Morgan Stanley reduced their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Wells Fargo & Company dropped their price target on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Argus restated a “hold” rating and issued a $405.40 price target on shares of Elevance Health in a report on Wednesday, January 29th. Finally, TD Cowen reduced their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $517.03.

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.