Legacy Capital Group California Inc. Grows Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Legacy Capital Group California Inc. boosted its holdings in Elevance Health, Inc. (NYSE:ELV) by 37.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 756 shares of the company’s stock after buying an additional 206 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Elevance Health were worth $279,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raelipskie Partnership acquired a new stake in shares of Elevance Health in the 3rd quarter valued at about $26,000. PSI Advisors LLC purchased a new stake in Elevance Health in the third quarter valued at approximately $27,000. Eastern Bank purchased a new stake in Elevance Health in the third quarter valued at approximately $31,000. Crews Bank & Trust acquired a new stake in shares of Elevance Health in the fourth quarter valued at approximately $34,000. Finally, Dunhill Financial LLC grew its position in shares of Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ELV has been the subject of several analyst reports. Wells Fargo & Company decreased their price objective 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. StockNews.com downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Friday. Argus reissued a “hold” rating and issued a $405.40 price objective on shares of Elevance Health in a research note on Wednesday, January 29th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. Finally, Truist Financial lowered their target price on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Four equities research 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.com, Elevance Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $385.04 on Friday. The firm has a market capitalization of $89.30 billion, a price-to-earnings ratio of 15.03, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The business’s 50 day simple moving average is $385.25 and its 200-day simple moving average is $444.32. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last posted its earnings results 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 return on equity of 18.28% and a net margin of 3.38%. As a group, equities analysts forecast that Elevance Health, Inc. will post 34 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 represents a $6.84 dividend on an annualized basis and a yield of 1.78%. 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. Elevance Health’s dividend payout ratio is presently 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.