Veritas Asset Management LLP Trims Stake in Elevance Health, Inc. (NYSE:ELV)

Veritas Asset Management LLP cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 10.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 986,738 shares of the company’s stock after selling 111,040 shares during the period. Elevance Health accounts for about 3.4% of Veritas Asset Management LLP’s holdings, making the stock its 14th biggest position. Veritas Asset Management LLP’s holdings in Elevance Health were worth $364,008,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Raelipskie Partnership acquired a new position in Elevance Health in the 3rd quarter valued at $26,000. Dunhill Financial LLC increased its holdings in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after buying an additional 26 shares during the last quarter. Peterson Financial Group Inc. acquired a new stake in shares of Elevance Health during the 3rd quarter worth $44,000. Crews Bank & Trust acquired a new stake in shares of Elevance Health during the 4th quarter worth $34,000. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Elevance Health during the 3rd quarter worth $52,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Barclays increased their price target on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. StockNews.com cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday. Mizuho decreased their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th. Truist Financial decreased 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. Finally, Wells Fargo & Company decreased their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Price Performance

NYSE ELV opened at $384.91 on Tuesday. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. 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 firm has a market capitalization of $87.51 billion, a PE ratio of 15.03, a P/E/G ratio of 1.18 and a beta of 0.83. The company’s 50 day simple moving average is $385.48 and its 200 day simple moving average is $442.23.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating 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%. As a group, equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm 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 represents a $6.84 dividend on an annualized basis and a yield of 1.78%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) 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.