Equitable Trust Co. Grows Stake in Elevance Health, Inc. (NYSE:ELV)

Equitable Trust Co. increased its stake in Elevance Health, Inc. (NYSE:ELV) by 17.1% in the 4th quarter, HoldingsChannel reports. The fund owned 2,061 shares of the company’s stock after acquiring an additional 301 shares during the period. Equitable Trust Co.’s holdings in Elevance Health were worth $760,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raelipskie Partnership purchased a new position in Elevance Health in the third quarter worth about $26,000. PSI Advisors LLC purchased a new position in Elevance Health in the third quarter worth about $27,000. Eastern Bank purchased a new position in Elevance Health in the third quarter worth about $31,000. Crews Bank & Trust purchased a new position in Elevance Health in the fourth quarter worth about $34,000. Finally, Dunhill Financial LLC grew its position in Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. TD Cowen dropped their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a research report on Tuesday, February 4th. Morgan Stanley dropped their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research report on Friday, January 24th. Finally, Wells Fargo & Company dropped their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $396.34 on Tuesday. The company has a market capitalization of $91.92 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 1.17 and a beta of 0.83. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The firm has a 50 day moving average of $385.87 and a 200 day moving average of $452.95.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts’ consensus estimates 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, sell-side analysts predict that Elevance Health, Inc. will post 34.05 earnings per share 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. Investors of record on Monday, March 10th will be paid a $1.71 dividend. 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. This represents a $6.84 dividend on an annualized basis and a yield of 1.73%. Elevance Health’s payout ratio is 26.71%.

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.