Sovereign Investment Advisors LLC Invests $279,000 in Elevance Health, Inc. (NYSE:ELV)

Sovereign Investment Advisors LLC purchased a new stake in Elevance Health, Inc. (NYSE:ELV) during the 4th quarter, Holdings Channel.com reports. The fund purchased 756 shares of the company’s stock, valued at approximately $279,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Greatmark Investment Partners Inc. increased its position in Elevance Health by 24.3% in the 4th quarter. Greatmark Investment Partners Inc. now owns 23,928 shares of the company’s stock valued at $8,827,000 after acquiring an additional 4,678 shares during the period. First Eagle Investment Management LLC increased its position in Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock valued at $1,189,828,000 after acquiring an additional 1,039,612 shares during the period. Intact Investment Management Inc. increased its position in Elevance Health by 135.8% during the 4th quarter. Intact Investment Management Inc. now owns 4,150 shares of the company’s stock worth $1,531,000 after purchasing an additional 2,390 shares during the period. Alpine Woods Capital Investors LLC increased its position in Elevance Health by 14.8% during the 4th quarter. Alpine Woods Capital Investors LLC now owns 5,832 shares of the company’s stock worth $2,151,000 after purchasing an additional 750 shares during the period. Finally, King Wealth Management Group increased its position in Elevance Health by 9.0% during the 4th quarter. King Wealth Management Group now owns 3,043 shares of the company’s stock worth $1,123,000 after purchasing an additional 250 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $421.72 on Friday. The business’s fifty day moving average price is $395.45 and its two-hundred day moving average price is $429.65. The stock has a market cap of $95.88 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26.

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 return on equity of 18.28% and a net margin of 3.38%. On average, analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently disclosed 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 is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.62%. Elevance Health’s dividend payout ratio (DPR) is 26.71%.

Analysts Set New Price Targets

ELV has been the topic of several recent analyst reports. Barclays boosted their target price on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Cantor Fitzgerald reiterated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research report on Friday, January 24th. Wells Fargo & Company dropped 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. StockNews.com cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Argus reiterated a “hold” rating and set a $405.40 target price on shares of Elevance Health in a research report on Wednesday, January 29th. 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 stock. According to data from MarketBeat, Elevance Health has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Insider Transactions at Elevance Health

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

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.