Parallel Advisors LLC Sells 1,357 Shares of Elevance Health, Inc. (NYSE:ELV)

Parallel Advisors LLC lessened its position in Elevance Health, Inc. (NYSE:ELV) by 35.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,457 shares of the company’s stock after selling 1,357 shares during the period. Parallel Advisors LLC’s holdings in Elevance Health were worth $907,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Cibc World Markets Corp increased its position in shares of Elevance Health by 16.0% during the fourth quarter. Cibc World Markets Corp now owns 36,570 shares of the company’s stock worth $13,491,000 after acquiring an additional 5,035 shares in the last quarter. Creative Financial Designs Inc. ADV increased its position in shares of Elevance Health by 21.4% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 676 shares of the company’s stock worth $249,000 after acquiring an additional 119 shares in the last quarter. Sovereign Investment Advisors LLC bought a new stake in shares of Elevance Health during the fourth quarter worth $279,000. Greatmark Investment Partners Inc. increased its position in shares of Elevance Health by 24.3% during the fourth quarter. Greatmark Investment Partners Inc. now owns 23,928 shares of the company’s stock worth $8,827,000 after acquiring an additional 4,678 shares in the last quarter. Finally, First Eagle Investment Management LLC increased its position in shares of Elevance Health by 47.6% during the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock worth $1,189,828,000 after acquiring an additional 1,039,612 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $430.87 on Thursday. The stock has a market cap of $97.96 billion, a P/E ratio of 16.82, a P/E/G ratio of 1.18 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The company has a fifty day moving average price of $398.56 and a two-hundred day moving average price of $427.12. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Investors of record on Monday, March 10th will be issued a dividend of $1.71 per share. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.59%. Elevance Health’s payout ratio is presently 26.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial lowered their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Stephens downgraded shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $520.00 to $440.00 in a research report on Wednesday, January 22nd. StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday. Argus raised shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 target price for the company in a research report on Monday. Finally, Barclays raised their target price on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $519.81.

Insider Buying and Selling

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total value 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 $766,745.11. The trade was a 19.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the sale, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

About Elevance Health

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.