WealthTrak Capital Management LLC Invests $29,000 in Elevance Health, Inc. (NYSE:ELV)

WealthTrak Capital Management LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 78 shares of the company’s stock, valued at approximately $29,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Mutual Advisors LLC boosted its position in shares of Elevance Health by 2.5% during the fourth quarter. Mutual Advisors LLC now owns 2,163 shares of the company’s stock valued at $833,000 after buying an additional 52 shares during the period. Czech National Bank boosted its holdings in Elevance Health by 6.5% during the 4th quarter. Czech National Bank now owns 50,286 shares of the company’s stock valued at $18,551,000 after acquiring an additional 3,049 shares during the period. Benjamin Edwards Inc. grew its position in Elevance Health by 1,711.9% in the 3rd quarter. Benjamin Edwards Inc. now owns 53,559 shares of the company’s stock valued at $27,858,000 after acquiring an additional 50,603 shares during the last quarter. Diversified Trust Co increased its stake in Elevance Health by 13.7% in the fourth quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock worth $8,328,000 after purchasing an additional 2,725 shares during the period. Finally, JB Capital LLC lifted its position in shares of Elevance Health by 597.2% during the fourth quarter. JB Capital LLC now owns 9,384 shares of the company’s stock worth $3,462,000 after purchasing an additional 8,038 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Truist Financial reduced their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target for the company in a report on Monday, March 17th. Barclays increased their price objective on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $519.81.

Insider Activity

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the sale, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was 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. The trade was a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $431.84 on Friday. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The business’s fifty day simple moving average is $404.45 and its 200-day simple moving average is $422.13. 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 company has a market cap of $98.18 billion, a PE ratio of 16.86, a PEG ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 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%. Analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were paid a dividend of $1.71 per share. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was Monday, March 10th. Elevance Health’s payout ratio is presently 26.71%.

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.