Elevance Health, Inc. (NYSE:ELV) Stake Lowered by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 4.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 594 shares of the company’s stock after selling 28 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Elevance Health were worth $219,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. State Street Corp increased its position in Elevance Health by 1.2% in the third quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after buying an additional 129,709 shares during the period. 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 acquiring an additional 85,770 shares during the last quarter. Sanders Capital LLC increased its holdings in shares of Elevance Health by 1.0% in the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock worth $2,396,814,000 after acquiring an additional 44,805 shares during the period. Wellington Management Group LLP lifted its position in Elevance Health by 6.9% in 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 purchasing an additional 286,905 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Elevance Health by 16.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after purchasing an additional 334,552 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Raymond James set a $485.00 price target on shares of Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company lowered their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Argus reaffirmed a “hold” rating and set a $405.40 target price on shares of Elevance Health in a research note on Wednesday, January 29th. Morgan Stanley decreased their price target 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. Finally, StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Stock Up 1.6 %

NYSE ELV opened at $391.68 on Friday. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a market capitalization of $90.84 billion, a P/E ratio of 15.29, a PEG ratio of 1.17 and a beta of 0.83. The company’s 50 day simple moving average is $384.96 and its 200 day simple moving average is $450.70. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

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 return on equity of 18.28% and a net margin of 3.38%. Equities research analysts expect that Elevance Health, Inc. will post 34.05 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders 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 dividend yield of 1.75%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s dividend payout ratio is currently 25.46%.

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.