City Holding Co. purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV – Get Rating) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,250 shares of the company’s stock, valued at approximately $641,000.
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Several other hedge funds also recently added to or reduced their stakes in ELV. Roundview Capital LLC grew its stake in shares of Elevance Health by 2.9% during the first quarter. Roundview Capital LLC now owns 1,858 shares of the company’s stock valued at $912,000 after buying an additional 52 shares during the last quarter. Moors & Cabot Inc. purchased a new position in Elevance Health during the 1st quarter valued at $251,000. Baird Financial Group Inc. grew its position in Elevance Health by 0.4% in the 1st quarter. Baird Financial Group Inc. now owns 14,870 shares of the company’s stock valued at $7,305,000 after acquiring an additional 57 shares during the last quarter. Zions Bancorporation N.A. increased its stake in Elevance Health by 52.1% in the first quarter. Zions Bancorporation N.A. now owns 893 shares of the company’s stock worth $439,000 after purchasing an additional 306 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Elevance Health by 102.9% during the first quarter. Brown Brothers Harriman & Co. now owns 846 shares of the company’s stock worth $416,000 after purchasing an additional 429 shares during the last quarter. 87.66% of the stock is currently owned by institutional investors.
Elevance Health Stock Performance
Shares of Elevance Health stock opened at $483.54 on Friday. Elevance Health, Inc. has a one year low of $440.02 and a one year high of $549.52. The company has a market capitalization of $114.73 billion, a PE ratio of 19.51, a P/E/G ratio of 1.22 and a beta of 0.84. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.40 and a current ratio of 1.40. The company has a 50-day simple moving average of $474.54 and a two-hundred day simple moving average of $489.86.
Elevance Health (NYSE:ELV – Get Rating) last released its quarterly earnings results on Wednesday, January 25th. The company reported $5.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.20 by $0.03. The business had revenue of $39.67 billion for the quarter, compared to analyst estimates of $39.62 billion. Elevance Health had a net margin of 3.85% and a return on equity of 19.56%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the company earned $5.14 earnings per share. Research analysts expect that Elevance Health, Inc. will post 32.72 EPS for the current fiscal year.
Elevance Health Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 24th. Shareholders of record on Friday, March 10th were paid a $1.48 dividend. The ex-dividend date of this dividend was Thursday, March 9th. This is a boost from Elevance Health’s previous quarterly dividend of $1.28. This represents a $5.92 dividend on an annualized basis and a yield of 1.22%. Elevance Health’s dividend payout ratio (DPR) is 23.88%.
Insiders Place Their Bets
In other news, EVP Gloria M. Mccarthy sold 15,098 shares of the company’s stock in a transaction dated Friday, March 24th. The shares were sold at an average price of $444.76, for a total transaction of $6,714,986.48. Following the transaction, the executive vice president now owns 51,435 shares in the company, valued at $22,876,230.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.27% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently commented on ELV. Truist Financial reduced their price target on shares of Elevance Health from $610.00 to $580.00 and set a “buy” rating on the stock in a research note on Friday, March 24th. JPMorgan Chase & Co. raised their target price on shares of Elevance Health from $555.00 to $572.00 and gave the stock an “overweight” rating in a research report on Thursday, February 23rd. Wells Fargo & Company lowered their price target on Elevance Health from $609.00 to $597.00 and set an “equal weight” rating for the company in a report on Tuesday, March 21st. Royal Bank of Canada upgraded Elevance Health from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $523.00 to $572.00 in a report on Tuesday, March 28th. Finally, SVB Leerink reiterated an “outperform” rating and issued a $580.00 target price on shares of Elevance Health in a report on Thursday, January 26th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and an average target price of $584.26.
Elevance Health Company Profile
Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.
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