Centricity Wealth Management LLC Acquires New Stake in Elevance Health, Inc. (NYSE:ELV)

Centricity Wealth Management LLC bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 162 shares of the company’s stock, valued at approximately $60,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Lifeworks Advisors LLC boosted its position in shares of Elevance Health by 2.5% during the third quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock worth $539,000 after buying an additional 25 shares during the period. Catalyst Financial Partners LLC boosted its position in Elevance Health by 2.9% during the 3rd quarter. Catalyst Financial Partners LLC now owns 918 shares of the company’s stock worth $477,000 after acquiring an additional 26 shares during the last quarter. Fullcircle Wealth LLC grew its stake in shares of Elevance Health by 1.5% during the 3rd quarter. Fullcircle Wealth LLC now owns 1,743 shares of the company’s stock worth $906,000 after acquiring an additional 26 shares in the last quarter. Dunhill Financial LLC raised its holdings in shares of Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after purchasing an additional 26 shares during the last quarter. Finally, TCI Wealth Advisors Inc. lifted its position in shares of Elevance Health by 5.6% in the third quarter. TCI Wealth Advisors Inc. now owns 506 shares of the company’s stock worth $263,000 after purchasing an additional 27 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Down 1.4 %

ELV opened at $385.04 on Friday. The stock’s fifty day simple moving average is $385.25 and its 200 day simple moving average is $444.32. Elevance Health, Inc. has a 1-year low of $362.21 and a 1-year high of $567.26. The stock has a market cap of $89.30 billion, a PE ratio of 15.03, 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 (NYSE:ELV) last issued its quarterly earnings data 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, research analysts expect that Elevance Health, Inc. will post 34 earnings per share for the current year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be given a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 1.78%. Elevance Health’s dividend payout ratio (DPR) is 25.46%.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of analyst reports. Argus reaffirmed a “hold” rating and issued a $405.40 target price on shares of Elevance Health in a research report on Wednesday, January 29th. Cantor Fitzgerald restated an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Mizuho lowered their target price on Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company reduced their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Finally, Truist Financial decreased their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $517.03.

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.