Sciencast Management LP Buys Shares of 8,248 Elevance Health, Inc. (NYSE:ELV)

Sciencast Management LP acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,248 shares of the company’s stock, valued at approximately $3,043,000. Elevance Health makes up approximately 0.8% of Sciencast Management LP’s investment portfolio, making the stock its 18th biggest holding.

Several other institutional investors also recently modified their holdings of ELV. Raelipskie Partnership acquired a new position in Elevance Health in the 3rd quarter worth about $26,000. Flagship Wealth Advisors LLC bought a new stake in shares of Elevance Health during the fourth quarter worth about $26,000. OFI Invest Asset Management bought a new stake in shares of Elevance Health during the fourth quarter worth about $29,000. Lee Danner & Bass Inc. acquired a new position in shares of Elevance Health in the fourth quarter valued at approximately $30,000. Finally, Crews Bank & Trust bought a new position in Elevance Health in the 4th quarter valued at approximately $34,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ELV shares. Truist Financial reduced their target price 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. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Argus raised 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, March 17th. Wells Fargo & Company reduced their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Finally, Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average target price of $519.81.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health 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 transaction, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the company’s 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 in the company, valued at $766,745.11. This represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

NYSE:ELV opened at $427.27 on Friday. The firm has a market capitalization of $97.14 billion, a P/E ratio of 16.68, a P/E/G ratio of 1.18 and a beta of 0.86. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The company has a fifty day moving average of $400.52 and a 200-day moving average of $426.27. 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 posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, beating 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, sell-side analysts anticipate 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. Shareholders of record on Monday, March 10th will be issued a $1.71 dividend. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.60%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is presently 26.71%.

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.