Los Angeles Capital Management LLC Sells 2,998 Shares of Elevance Health, Inc. (NYSE:ELV)

Los Angeles Capital Management LLC cut its position in Elevance Health, Inc. (NYSE:ELV) by 72.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,163 shares of the company’s stock after selling 2,998 shares during the period. Los Angeles Capital Management LLC’s holdings in Elevance Health were worth $429,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Raelipskie Partnership purchased a new position in shares of Elevance Health in the 3rd quarter worth approximately $26,000. Crews Bank & Trust acquired a new position in Elevance Health during the 4th quarter valued at about $34,000. Dunhill Financial LLC increased its position in Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after buying an additional 26 shares in the last quarter. Peterson Financial Group Inc. purchased a new stake in Elevance Health in the third quarter valued at about $44,000. Finally, Financial Perspectives Inc acquired a new stake in Elevance Health in the fourth quarter worth about $50,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ELV has been the topic of several recent analyst reports. Barclays upped their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research note on Friday, January 24th. Mizuho lowered their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. Truist Financial dropped 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, StockNews.com upgraded Elevance Health from a “hold” rating to a “buy” rating in a research note on Saturday. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Stock Down 0.3 %

Shares of ELV opened at $395.63 on Tuesday. The company has a market capitalization of $89.95 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 1.18 and a beta of 0.83. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The stock’s 50-day moving average price is $388.27 and its 200-day moving average price is $437.33. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) 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%. On average, sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.73%. The ex-dividend date is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is currently 26.71%.

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.