Portfolio Design Labs LLC Grows Position in Elevance Health, Inc. (NYSE:ELV)

Portfolio Design Labs LLC lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 37.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,403 shares of the company’s stock after buying an additional 2,296 shares during the quarter. Portfolio Design Labs LLC’s holdings in Elevance Health were worth $3,100,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Raelipskie Partnership purchased a new stake in Elevance Health during the third quarter valued at $26,000. PSI Advisors LLC purchased a new stake in Elevance Health during the third quarter valued at $27,000. Eastern Bank purchased a new stake in Elevance Health during the third quarter valued at $31,000. Crews Bank & Trust purchased a new stake in Elevance Health during the fourth quarter valued at $34,000. Finally, Dunhill Financial LLC raised its stake in 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 purchasing an additional 26 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 1.3 %

NYSE ELV opened at $391.04 on Wednesday. The company’s 50-day moving average price is $385.59 and its 200-day moving average price is $452.12. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The stock has a market cap of $90.69 billion, a PE ratio of 15.27, a PEG ratio of 1.17 and a beta of 0.83. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly 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%. Equities research analysts forecast that Elevance Health, Inc. will post 34.05 earnings per share for the current year.

Elevance Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.75%. Elevance Health’s dividend payout ratio is presently 25.46%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada decreased their price target on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Company decreased their price target on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Barclays upped their price target 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. TD Cowen reduced their target price on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Morgan Stanley reduced their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $517.03.

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.