Modern Wealth Management LLC Sells 343 Shares of Elevance Health, Inc. (NYSE:ELV)

Modern Wealth Management LLC lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 16.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,798 shares of the company’s stock after selling 343 shares during the quarter. Modern Wealth Management LLC’s holdings in Elevance Health were worth $712,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ELV. Taikang Asset Management Hong Kong Co Ltd boosted its position in shares of Elevance Health by 51.3% during the fourth quarter. Taikang Asset Management Hong Kong Co Ltd now owns 13,787 shares of the company’s stock worth $5,086,000 after acquiring an additional 4,673 shares during the last quarter. Napean Trading & Investment Co Singapore PTE Ltd boosted its holdings in shares of Elevance Health by 70.5% during the 4th quarter. Napean Trading & Investment Co Singapore PTE Ltd now owns 15,108 shares of the company’s stock valued at $5,573,000 after purchasing an additional 6,247 shares during the last quarter. ICW Investment Advisors LLC purchased a new position in shares of Elevance Health during the fourth quarter valued at about $375,000. Congress Wealth Management LLC DE increased its holdings in shares of Elevance Health by 22.1% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,625 shares of the company’s stock worth $969,000 after purchasing an additional 476 shares during the last quarter. Finally, Twin City Private Wealth LLC lifted its position in shares of Elevance Health by 17.2% in the fourth quarter. Twin City Private Wealth LLC now owns 4,141 shares of the company’s stock worth $1,528,000 after buying an additional 609 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $430.29 on Thursday. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a market capitalization of $97.83 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The stock’s fifty day moving average is $402.56 and its two-hundred day moving average is $422.85. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS 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%. As a group, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were paid a $1.71 dividend. The ex-dividend date was Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.59%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is 26.71%.

Analyst Ratings Changes

ELV has been the topic of a number of research reports. StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research note on Friday, January 24th. Barclays lifted their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Wells Fargo & Company decreased their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Finally, Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $519.81.

Insiders Place Their Bets

In related news, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction on 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 sale, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

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.