SwitchPoint Financial Planning LLC Takes $255,000 Position in Elevance Health, Inc. (NYSE:ELV)

SwitchPoint Financial Planning LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 690 shares of the company’s stock, valued at approximately $255,000.

A number of other hedge funds have also added to or reduced their stakes in ELV. PKS Advisory Services LLC acquired a new position in Elevance Health during the fourth quarter worth $233,000. Signature Estate & Investment Advisors LLC grew its position in shares of Elevance Health by 1.9% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 6,331 shares of the company’s stock valued at $2,335,000 after acquiring an additional 116 shares during the period. Taikang Asset Management Hong Kong Co Ltd increased its stake in shares of Elevance Health by 51.3% during the 4th quarter. Taikang Asset Management Hong Kong Co Ltd now owns 13,787 shares of the company’s stock worth $5,086,000 after purchasing an additional 4,673 shares during the last quarter. Napean Trading & Investment Co Singapore PTE Ltd raised its holdings in shares of Elevance Health by 70.5% in 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 period. Finally, ICW Investment Advisors LLC bought a new stake in shares of Elevance Health in the 4th quarter valued at about $375,000. Institutional investors own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of the company’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 transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. This represents a 19.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $423.03 on Wednesday. The firm’s 50 day simple moving average is $401.73 and its 200 day simple moving average is $422.80. The firm has a market capitalization of $96.18 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 1.18 and a beta of 0.86. 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 1 year low of $362.21 and a 1 year high of $567.26.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were paid a dividend of $1.71 per share. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.62%. Elevance Health’s payout ratio is presently 26.71%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ELV. Barclays boosted their price target on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. StockNews.com upgraded 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 objective on shares of Elevance Health in a research report on Friday, January 24th. Truist Financial decreased their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $519.81.

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.