Addison Advisors LLC Trims Holdings in Elevance Health, Inc. (NYSE:ELV)

Addison Advisors LLC lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 47.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 321 shares of the company’s stock after selling 285 shares during the quarter. Addison Advisors LLC’s holdings in Elevance Health were worth $118,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ELV. State Street Corp raised its stake in Elevance Health by 1.2% in the third quarter. State Street Corp now owns 10,687,998 shares of the company’s stock worth $5,557,759,000 after buying an additional 129,709 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Elevance Health by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company’s stock valued at $2,511,814,000 after purchasing an additional 85,770 shares during the period. Sanders Capital LLC boosted its position in shares of Elevance Health by 1.0% during the third quarter. Sanders Capital LLC now owns 4,609,258 shares of the company’s stock valued at $2,396,814,000 after purchasing an additional 44,805 shares in the last quarter. Wellington Management Group LLP grew its stake in Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after purchasing an additional 286,905 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after purchasing an additional 334,552 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Barclays lifted their target price 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. Truist Financial cut their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com downgraded Elevance Health from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Finally, Mizuho reduced their price target on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health Trading Up 4.6 %

NYSE:ELV opened at $402.95 on Wednesday. The company has a 50 day simple moving average of $386.22 and a two-hundred day simple moving average of $441.32. The company has a market cap of $91.61 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.70%. 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 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.