Prosperity Financial Group Inc. Raises Holdings in Elevance Health, Inc. (NYSE:ELV)

Prosperity Financial Group Inc. lifted its stake in Elevance Health, Inc. (NYSE:ELV) by 10.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 964 shares of the company’s stock after buying an additional 91 shares during the quarter. Prosperity Financial Group Inc.’s holdings in Elevance Health were worth $356,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Lifeworks Advisors LLC raised its holdings in Elevance Health by 2.5% in the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock worth $539,000 after purchasing an additional 25 shares during the period. Dunhill Financial LLC raised its holdings in Elevance Health by 57.8% in 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. Tobam raised its holdings in Elevance Health by 6.6% in the 4th quarter. Tobam now owns 434 shares of the company’s stock worth $160,000 after purchasing an additional 27 shares during the period. Jacobi Capital Management LLC raised its holdings in Elevance Health by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock worth $325,000 after purchasing an additional 27 shares during the period. Finally, Austin Private Wealth LLC raised its holdings in Elevance Health by 1.5% in the 4th quarter. Austin Private Wealth LLC now owns 1,996 shares of the company’s stock worth $736,000 after purchasing an additional 29 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a report on Friday, January 24th. Argus reissued a “hold” rating and set a $405.40 target price on shares of Elevance Health in a report on Wednesday, January 29th. Barclays increased their target price on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Finally, StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a report on Saturday, March 1st. Three equities research 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Trading Up 3.4 %

Shares of Elevance Health stock opened at $423.44 on Wednesday. The firm has a market capitalization of $96.27 billion, a price-to-earnings ratio of 16.53, 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 company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The stock has a 50 day moving average of $392.54 and a 200 day moving average of $431.56.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data 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%. As a group, research analysts predict 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 will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be given a dividend of $1.71 per share. 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 1.62%. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) is currently 26.71%.

Insider Transactions at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

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.