OLD National Bancorp IN Sells 721 Shares of Elevance Health, Inc. (NYSE:ELV)

OLD National Bancorp IN lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 15.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,092 shares of the company’s stock after selling 721 shares during the period. OLD National Bancorp IN’s holdings in Elevance Health were worth $1,510,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Cypress Wealth Services LLC raised its holdings in Elevance Health by 3.5% in the third quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock worth $353,000 after buying an additional 23 shares during the last quarter. Atomi Financial Group Inc. raised its position in Elevance Health by 4.2% during the third quarter. Atomi Financial Group Inc. now owns 615 shares of the company’s stock valued at $320,000 after purchasing an additional 25 shares during the period. Lifeworks Advisors LLC raised its holdings in Elevance Health by 2.5% during the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock valued at $539,000 after buying an additional 25 shares during the period. Catalyst Financial Partners LLC boosted its position in shares of Elevance Health by 2.9% during the third quarter. Catalyst Financial Partners LLC now owns 918 shares of the company’s stock valued at $477,000 after buying an additional 26 shares during the period. Finally, Fullcircle Wealth LLC lifted its holdings in Elevance Health by 1.5% during the 3rd quarter. Fullcircle Wealth LLC now owns 1,743 shares of the company’s stock valued at $906,000 after buying an additional 26 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ELV shares. Morgan Stanley decreased their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. TD Cowen dropped their price target on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Royal Bank of Canada reduced 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. Argus restated a “hold” rating and set a $405.40 target price on shares of Elevance Health in a research note on Wednesday. Finally, Truist Financial cut their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Price Performance

ELV opened at $395.82 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The firm has a market cap of $91.80 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 1.20 and a beta of 0.84. The stock’s 50 day simple moving average is $386.63 and its 200 day simple moving average is $458.75.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) 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%. As a group, analysts predict that Elevance Health, Inc. will post 34.09 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. Shareholders 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 represents a $6.84 dividend on an annualized basis and a dividend yield of 1.73%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is currently 25.46%.

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.