Carnegie Capital Asset Management LLC Invests $660,000 in Elevance Health, Inc. (NYSE:ELV)

Carnegie Capital Asset Management LLC purchased a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,401 shares of the company’s stock, valued at approximately $660,000.

Several other large investors have also modified their holdings of the stock. OFI Invest Asset Management purchased a new position in Elevance Health in the third quarter worth $25,000. Fortis Capital Advisors LLC purchased a new position in Elevance Health in the fourth quarter worth $29,000. Householder Group Estate & Retirement Specialist LLC purchased a new position in Elevance Health in the third quarter worth $30,000. TD Capital Management LLC purchased a new position in Elevance Health in the fourth quarter worth $30,000. Finally, Tyler Stone Wealth Management purchased a new position in Elevance Health in the second quarter worth $39,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Up 1.4 %

Shares of ELV stock opened at $507.02 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a 1 year low of $412.00 and a 1 year high of $521.18. The stock has a fifty day moving average of $507.94 and a two-hundred day moving average of $482.10. The firm has a market capitalization of $117.98 billion, a PE ratio of 20.14, a price-to-earnings-growth ratio of 1.09 and a beta of 0.78.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Wednesday, January 24th. The company reported $5.62 EPS for the quarter, topping analysts’ consensus estimates of $5.60 by $0.02. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The company had revenue of $42.45 billion for the quarter, compared to the consensus estimate of $42.19 billion. During the same quarter in the previous year, the business earned $5.23 EPS. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. As a group, research analysts expect that Elevance Health, Inc. will post 37.03 EPS for the current year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, March 7th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.29%. Elevance Health’s payout ratio is 25.90%.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on ELV shares. Barclays started coverage on Elevance Health in a research report on Wednesday, March 6th. They issued an “overweight” rating and a $584.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $580.00 price target on shares of Elevance Health in a research report on Wednesday, April 10th. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Wells Fargo & Company dropped their price target on Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Finally, Royal Bank of Canada raised their price target on Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus price target of $569.00.

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.