Nixon Peabody Trust Co. Invests $4.41 Million in Elevance Health, Inc. (NYSE:ELV)

Nixon Peabody Trust Co. purchased a new position in Elevance Health, Inc. (NYSE:ELV) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,959 shares of the company’s stock, valued at approximately $4,412,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ELV. Stifel Financial Corp grew its stake in Elevance Health by 309.7% in the third quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock worth $370,794,000 after purchasing an additional 538,978 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Elevance Health by 16.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after acquiring an additional 334,552 shares in the last quarter. Wellington Management Group LLP boosted its position in Elevance Health by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock valued at $2,320,024,000 after acquiring an additional 286,905 shares in the last quarter. World Investment Advisors LLC bought a new stake in Elevance Health during the 3rd quarter valued at $129,221,000. Finally, Proficio Capital Partners LLC boosted its position in Elevance Health by 49,164.4% during the 4th quarter. Proficio Capital Partners LLC now owns 231,050 shares of the company’s stock valued at $85,234,000 after acquiring an additional 230,581 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ELV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research report on Friday, January 24th. Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Argus restated a “hold” rating and issued a $405.40 target price on shares of Elevance Health in a research note on Wednesday, January 29th. Barclays raised their target price on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, Mizuho reduced their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Three investment 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health Trading Up 1.1 %

ELV stock opened at $397.09 on Friday. 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. The stock has a market cap of $90.28 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 1.18 and a beta of 0.83. The business’s 50-day moving average is $387.78 and its 200 day moving average is $439.71.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be issued a dividend of $1.71 per share. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s payout ratio is currently 26.71%.

Elevance Health 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.