Balentine LLC Sells 1,506 Shares of Elevance Health, Inc. (NYSE:ELV)

Balentine LLC trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 72.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 577 shares of the company’s stock after selling 1,506 shares during the quarter. Balentine LLC’s holdings in Elevance Health were worth $213,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raelipskie Partnership purchased a new stake in shares of Elevance Health during the third quarter valued at $26,000. PSI Advisors LLC bought a new position in Elevance Health in the third quarter worth approximately $27,000. Eastern Bank bought a new stake in Elevance Health during the 3rd quarter valued at $31,000. Crews Bank & Trust purchased a new position in shares of Elevance Health in the 4th quarter valued at $34,000. Finally, Dunhill Financial LLC raised its position in shares of Elevance Health by 57.8% in the 3rd 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. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ELV shares. Morgan Stanley cut their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. Mizuho cut their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th. Finally, Argus reiterated a “hold” rating and set a $405.40 price objective on shares of Elevance Health in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Stock Up 1.3 %

Shares of ELV stock opened at $396.34 on Tuesday. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The firm has a market capitalization of $91.92 billion, a PE ratio of 15.48, a P/E/G ratio of 1.17 and a beta of 0.83. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The stock’s 50-day simple moving average is $385.87 and its 200-day simple moving average is $452.95.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping 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%. Equities analysts expect that Elevance Health, Inc. will post 34.05 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.73%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio is presently 25.46%.

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.