Elevance Health, Inc. (NYSE:ELV) Shares Sold by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 15.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,971 shares of the company’s stock after selling 374 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Elevance Health were worth $727,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Raelipskie Partnership acquired a new stake in Elevance Health in the 3rd quarter worth approximately $26,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health during the third quarter worth $27,000. Eastern Bank purchased a new stake in shares of Elevance Health during the third quarter valued at $31,000. Dunhill Financial LLC increased its position in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the period. Finally, Peterson Financial Group Inc. purchased a new position in Elevance Health in the 3rd quarter worth $44,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Down 0.5 %

Shares of ELV opened at $389.58 on Monday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The firm has a market cap of $90.35 billion, a P/E ratio of 15.21, a PEG ratio of 1.17 and a beta of 0.83. The stock’s 50 day moving average is $385.08 and its two-hundred day moving average is $448.71. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Analysts predict that Elevance Health, Inc. will post 34.05 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is 25.46%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. TD Cowen dropped their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Argus reiterated a “hold” rating and issued a $405.40 price target on shares of Elevance Health in a report on Wednesday, January 29th. Wells Fargo & Company reduced their price target 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 lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

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.