Sabal Trust CO Grows Position in Elevance Health, Inc. (NYSE:ELV)

Sabal Trust CO grew its position in shares of Elevance Health, Inc. (NYSE:ELV) by 16.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,090 shares of the company’s stock after purchasing an additional 723 shares during the quarter. Sabal Trust CO’s holdings in Elevance Health were worth $1,878,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Arkadios Wealth Advisors grew its position in shares of Elevance Health by 14.4% during the 3rd quarter. Arkadios Wealth Advisors now owns 993 shares of the company’s stock valued at $516,000 after acquiring an additional 125 shares during the period. PFG Investments LLC raised its position in Elevance Health by 72.7% during the third quarter. PFG Investments LLC now owns 1,333 shares of the company’s stock worth $693,000 after acquiring an additional 561 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Elevance Health by 42.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 20,427 shares of the company’s stock valued at $10,622,000 after purchasing an additional 6,098 shares during the period. J.W. Cole Advisors Inc. raised its position in shares of Elevance Health by 3.8% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 1,325 shares of the company’s stock worth $689,000 after purchasing an additional 49 shares during the last quarter. Finally, TCI Wealth Advisors Inc. lifted its stake in Elevance Health by 5.6% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 506 shares of the company’s stock valued at $263,000 after buying an additional 27 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ELV. Truist Financial decreased their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Mizuho decreased their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company reduced their price objective 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. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Stock Up 4.6 %

Shares of NYSE ELV opened at $402.95 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $386.22 and a 200 day moving average price of $441.32. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The stock has a market capitalization of $91.61 billion, a price-to-earnings ratio of 15.73, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83.

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

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be given a $1.71 dividend. 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 1.70%. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio is currently 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.