Cannell & Spears LLC Sells 37,810 Shares of Elevance Health, Inc. (NYSE:ELV)

Cannell & Spears LLC lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 57.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,422 shares of the company’s stock after selling 37,810 shares during the quarter. Cannell & Spears LLC’s holdings in Elevance Health were worth $10,485,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ELV. Dunhill Financial LLC increased its holdings in shares of Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares in the last quarter. Tobam lifted its position in shares of Elevance Health by 6.6% in the fourth quarter. Tobam now owns 434 shares of the company’s stock valued at $160,000 after acquiring an additional 27 shares in the last quarter. Jacobi Capital Management LLC grew its holdings in Elevance Health by 3.2% during the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock valued at $325,000 after buying an additional 27 shares in the last quarter. Austin Private Wealth LLC boosted its stake in Elevance Health by 1.5% during the fourth quarter. Austin Private Wealth LLC now owns 1,996 shares of the company’s stock valued at $736,000 after buying an additional 29 shares during the last quarter. Finally, Quent Capital LLC raised its position in shares of Elevance Health by 2.1% during the 4th quarter. Quent Capital LLC now owns 1,488 shares of the company’s stock valued at $549,000 after buying an additional 30 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Down 0.0 %

Elevance Health stock opened at $431.84 on Monday. The company has a market capitalization of $98.18 billion, a P/E ratio of 16.86, a PEG ratio of 1.18 and a beta of 0.86. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The stock has a 50-day simple moving average of $404.45 and a 200-day simple moving average of $420.42. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share 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%. Equities research 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 declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were paid a dividend of $1.71 per share. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date was Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.58%. Elevance Health’s payout ratio is 26.71%.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the sale, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ronald W. Penczek sold 443 shares of the 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 sale, the chief accounting officer now directly owns 1,847 shares of the company’s stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. Barclays upped their target price on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a research note on Friday. Finally, Argus upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target for the company in a research report on Monday, March 17th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $519.81.

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.