Edgestream Partners L.P. Has $8.93 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Edgestream Partners L.P. raised its holdings in Elevance Health, Inc. (NYSE:ELV) by 2,265.0% during the fourth quarter, HoldingsChannel reports. The firm owned 24,194 shares of the company’s stock after acquiring an additional 23,171 shares during the quarter. Elevance Health accounts for 0.4% of Edgestream Partners L.P.’s holdings, making the stock its 22nd largest position. Edgestream Partners L.P.’s holdings in Elevance Health were worth $8,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Raelipskie Partnership acquired a new stake in Elevance Health in the third quarter valued at about $26,000. Crews Bank & Trust bought a new position in shares of Elevance Health in the fourth quarter worth about $34,000. Dunhill Financial LLC grew 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 purchasing an additional 26 shares during the last quarter. Peterson Financial Group Inc. acquired a new position in Elevance Health during the 3rd quarter worth approximately $44,000. Finally, Financial Perspectives Inc bought a new position in Elevance Health in the 4th quarter valued at approximately $50,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ELV shares. Barclays increased their price target on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Argus reaffirmed a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research note on Wednesday, January 29th. StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a report on Saturday, March 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Finally, Wells Fargo & Company decreased their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $517.03.

Insider Activity

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Trading Up 1.6 %

NYSE:ELV opened at $403.83 on Friday. The stock has a market capitalization of $91.81 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 1.18 and a beta of 0.83. The firm has a fifty day simple moving average of $389.86 and a two-hundred day simple moving average of $435.81. 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, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly 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%. Analysts expect that Elevance Health, Inc. will post 33.96 EPS 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. Shareholders 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 dividend yield of 1.69%. This is a positive change 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 (DPR) is 26.71%.

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.