State of Alaska Department of Revenue Decreases Stake in Elevance Health, Inc. (NYSE:ELV)

State of Alaska Department of Revenue cut its stake in Elevance Health, Inc. (NYSE:ELV) by 12.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,514 shares of the company’s stock after selling 6,221 shares during the period. State of Alaska Department of Revenue’s holdings in Elevance Health were worth $16,421,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ELV. Raelipskie Partnership acquired a new stake in shares of Elevance Health during the 3rd quarter valued at approximately $26,000. PSI Advisors LLC acquired a new stake in Elevance Health during the third quarter worth about $27,000. Eastern Bank bought a new position in Elevance Health in the third quarter worth about $31,000. Crews Bank & Trust bought a new position in shares of Elevance Health during the fourth quarter valued at approximately $34,000. Finally, Dunhill Financial LLC raised its position in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the period. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Morgan Stanley reduced their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Truist Financial lowered their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. TD Cowen cut their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. Finally, Argus reaffirmed a “hold” rating and set a $405.40 price target on shares of Elevance Health in a report on Wednesday, January 29th. Three 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Elevance Health Price Performance

NYSE:ELV opened at $402.13 on Thursday. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The firm has a market cap of $93.26 billion, a P/E ratio of 15.70, a PEG ratio of 1.19 and a beta of 0.83. The business’s 50-day moving average price is $386.46 and its 200 day moving average price is $455.31.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping 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%. As a group, sell-side analysts predict that Elevance Health, Inc. will post 34.07 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.70%. Elevance Health’s dividend payout ratio (DPR) is currently 25.46%.

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.