Waterway Wealth Management LLC Grows Stock Position in Elevance Health, Inc. (NYSE:ELV)

Waterway Wealth Management LLC raised its holdings in Elevance Health, Inc. (NYSE:ELV) by 277.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,032 shares of the company’s stock after purchasing an additional 1,494 shares during the quarter. Waterway Wealth Management LLC’s holdings in Elevance Health were worth $750,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ELV. Raelipskie Partnership acquired a new position in Elevance Health during the third quarter valued at approximately $26,000. Crews Bank & Trust purchased a new position in shares of Elevance Health in the 4th quarter valued at $34,000. Dunhill Financial LLC lifted its holdings in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares in the last quarter. Peterson Financial Group Inc. acquired a new stake in Elevance Health in the 3rd quarter valued at $44,000. Finally, Financial Perspectives Inc purchased a new position in Elevance Health in the fourth quarter valued at about $50,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Up 1.9 %

ELV stock opened at $393.42 on Friday. The stock has a market capitalization of $89.45 billion, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83. The company has a 50-day moving average of $387.15 and a two-hundred day moving average of $440.60. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. 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 announced its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share 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%. As a group, equities research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The business 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 an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.74%. Elevance Health’s payout ratio is presently 26.71%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ELV. Argus reiterated a “hold” rating and issued a $405.40 price target on shares of Elevance Health in a report on Wednesday, January 29th. Barclays upped their price target on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Mizuho decreased their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Finally, Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

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.