Benchmark Investment Advisors LLC Cuts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Benchmark Investment Advisors LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 3.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,362 shares of the company’s stock after selling 92 shares during the period. Benchmark Investment Advisors LLC’s holdings in Elevance Health were worth $871,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raelipskie Partnership acquired a new position in Elevance Health during the third quarter worth about $26,000. Flagship Wealth Advisors LLC bought a new position in Elevance Health during the 4th quarter worth approximately $26,000. OFI Invest Asset Management bought a new position in Elevance Health during the 4th quarter worth $29,000. WealthTrak Capital Management LLC bought a new stake in shares of Elevance Health during the 4th quarter worth about $29,000. Finally, Lee Danner & Bass Inc. bought a new position in Elevance Health during the fourth quarter valued at about $30,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

NYSE ELV opened at $428.62 on Friday. The stock has a market capitalization of $97.03 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 1.18 and a beta of 0.77. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The business’s 50 day moving average is $408.70 and its two-hundred day moving average is $417.38. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data 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 net margin of 3.38% and a return on equity of 18.28%. Research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were given a dividend of $1.71 per share. The ex-dividend date was Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.60%. Elevance Health’s payout ratio is currently 26.71%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ELV shares. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $520.00 to $440.00 in a report on Wednesday, January 22nd. Truist Financial decreased their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Argus raised shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target on the stock in a report on Monday, March 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a research note on Friday, January 24th. Finally, Wells Fargo & Company cut their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $519.81.

Insider Activity at Elevance Health

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

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.