Blume Capital Management Inc. Takes $3.93 Million Position in Elevance Health, Inc. (NYSE:ELV)

Blume Capital Management Inc. acquired a new stake in Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,649 shares of the company’s stock, valued at approximately $3,928,000.

Other hedge funds have also modified their holdings of the company. Raelipskie Partnership purchased a new stake in shares of Elevance Health in the third quarter worth approximately $26,000. Dunhill Financial LLC lifted its position in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Elevance Health during the 4th quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in shares of Elevance Health during the 3rd quarter worth about $44,000. Finally, Crews Bank & Trust acquired a new position in shares of Elevance Health during the 4th quarter worth about $34,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ELV. Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. StockNews.com lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a report on Friday, January 24th. Argus restated a “hold” rating and issued a $405.40 price target on shares of Elevance Health in a research report on Wednesday, January 29th. Finally, Barclays upped their target price on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Stock Up 1.6 %

Shares of ELV stock opened at $417.77 on Friday. The firm has a fifty day moving average of $394.44 and a 200-day moving average of $431.33. 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, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The company has a market capitalization of $94.98 billion, a price-to-earnings ratio of 16.31, a P/E/G ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV) last announced its 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, equities research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.64%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is currently 26.71%.

Insider Buying and Selling at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

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.