WealthTrak Capital Management LLC Invests $29,000 in Elevance Health, Inc. (NYSE:ELV)

WealthTrak Capital Management LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the 4th quarter, HoldingsChannel reports. The firm purchased 78 shares of the company’s stock, valued at approximately $29,000.

Other large investors have also modified their holdings of the company. Fisher Asset Management LLC increased its position in shares of Elevance Health by 3.8% in the third quarter. Fisher Asset Management LLC now owns 838 shares of the company’s stock valued at $436,000 after buying an additional 31 shares in the last quarter. Townsquare Capital LLC lifted its holdings in Elevance Health by 6.3% during the third quarter. Townsquare Capital LLC now owns 8,727 shares of the company’s stock valued at $4,538,000 after purchasing an additional 517 shares in the last quarter. Public Sector Pension Investment Board grew its position in shares of Elevance Health by 12.3% in the third quarter. Public Sector Pension Investment Board now owns 10,032 shares of the company’s stock valued at $5,217,000 after purchasing an additional 1,100 shares during the period. Financial Counselors Inc. increased its stake in shares of Elevance Health by 2.7% during the third quarter. Financial Counselors Inc. now owns 1,953 shares of the company’s stock worth $1,016,000 after purchasing an additional 51 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in Elevance Health by 0.7% in the 3rd quarter. Captrust Financial Advisors now owns 38,974 shares of the company’s stock valued at $20,267,000 after buying an additional 286 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insiders Place Their Bets

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Elevance Health Price Performance

NYSE:ELV opened at $431.84 on Friday. The company has a market capitalization of $98.18 billion, a P/E ratio of 16.86, a P/E/G ratio of 1.18 and a beta of 0.86. 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, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The stock’s fifty day moving average is $404.45 and its two-hundred day moving average is $422.13.

Elevance Health (NYSE:ELV) last posted its earnings results 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%. Equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th were given a $1.71 dividend. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.58%. Elevance Health’s payout ratio is presently 26.71%.

Analysts Set New Price Targets

A number of brokerages have commented on ELV. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $520.00 to $440.00 in a report on Wednesday, January 22nd. Truist Financial reduced their price objective 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. Wells Fargo & Company lowered 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 note on Tuesday, January 28th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Finally, Argus upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target on the stock in a research report on Monday, March 17th. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $519.81.

Elevance Health Company Profile

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.