Essex Savings Bank Acquires New Shares in Elevance Health, Inc. (NYSE:ELV)

Essex Savings Bank bought a new position in Elevance Health, Inc. (NYSE:ELVFree Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 454 shares of the company’s stock, valued at approximately $214,000.

A number of other hedge funds also recently added to or reduced their stakes in ELV. Fortis Capital Advisors LLC acquired a new stake in shares of Elevance Health in the 4th quarter worth about $29,000. TD Capital Management LLC acquired a new stake in shares of Elevance Health in the fourth quarter valued at approximately $30,000. OFI Invest Asset Management acquired a new stake in shares of Elevance Health in the third quarter valued at approximately $25,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in shares of Elevance Health during the third quarter valued at approximately $30,000. Finally, Tyler Stone Wealth Management acquired a new position in shares of Elevance Health during the second quarter worth approximately $39,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Price Performance

Shares of NYSE ELV opened at $499.22 on Wednesday. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $521.18. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average of $504.08 and a two-hundred day moving average of $477.50. The company has a market capitalization of $116.17 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.16 and a beta of 0.78.

Elevance Health (NYSE:ELVGet Free Report) last released its earnings results on Wednesday, January 24th. The company reported $5.62 EPS for the quarter, beating the consensus estimate of $5.60 by $0.02. The business had revenue of $42.45 billion during the quarter, compared to analyst estimates of $42.19 billion. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the business earned $5.23 earnings per share. As a group, analysts expect that Elevance Health, Inc. will post 37.15 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.31%. This is a boost from Elevance Health’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, March 7th. Elevance Health’s payout ratio is presently 25.90%.

Insider Transactions at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.35% of the stock is owned by insiders.

Analyst Ratings Changes

ELV has been the topic of several analyst reports. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Barclays began coverage on shares of Elevance Health in a research note on Wednesday, March 6th. They set an “overweight” rating and a $584.00 price objective on the stock. Cantor Fitzgerald increased their target price on shares of Elevance Health from $547.00 to $580.00 and gave the company an “overweight” rating in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada raised their target price on shares of Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $569.36.

View Our Latest Report on Elevance Health

Elevance Health Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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