Essex Financial Services Inc. Sells 39 Shares of Elevance Health, Inc. (NYSE:ELV)

Essex Financial Services Inc. trimmed its position in Elevance Health, Inc. (NYSE:ELV) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,072 shares of the company’s stock after selling 39 shares during the period. Essex Financial Services Inc.’s holdings in Elevance Health were worth $1,871,000 at the end of the most recent quarter.

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

Elevance Health Stock Performance

NYSE:ELV opened at $391.04 on Wednesday. The stock has a 50 day simple moving average of $385.59 and a 200 day simple moving average of $452.12. The stock has a market cap of $90.69 billion, a P/E ratio of 15.27, a PEG ratio of 1.17 and a beta of 0.83. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. 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 posted its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share 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%. Research analysts anticipate that Elevance Health, Inc. will post 34.05 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is presently 25.46%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Argus reiterated a “hold” rating and set a $405.40 price objective on shares of Elevance Health in a research note on Wednesday, January 29th. Royal Bank of Canada dropped their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Wells Fargo & Company decreased their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Raymond James set a $485.00 target price on shares of Elevance Health in a research note on Friday, October 18th. 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 MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and a consensus target price 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.