Kornitzer Capital Management Inc. KS Decreases Position in Elevance Health, Inc. (NYSE:ELV)

Kornitzer Capital Management Inc. KS lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 2.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,400 shares of the company’s stock after selling 95 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Elevance Health were worth $1,254,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its position in shares of Elevance Health by 5.3% in the third quarter. Sequoia Financial Advisors LLC now owns 6,665 shares of the company’s stock valued at $3,466,000 after acquiring an additional 337 shares during the period. Eastern Bank purchased a new position in shares of Elevance Health in the third quarter valued at about $31,000. Waldron Private Wealth LLC increased its position in shares of Elevance Health by 7.2% in the third quarter. Waldron Private Wealth LLC now owns 1,143 shares of the company’s stock valued at $594,000 after acquiring an additional 77 shares during the period. GAM Holding AG increased its position in shares of Elevance Health by 0.8% in the third quarter. GAM Holding AG now owns 15,741 shares of the company’s stock valued at $8,185,000 after acquiring an additional 121 shares during the period. Finally, Lecap Asset Management Ltd. purchased a new position in shares of Elevance Health in the third quarter valued at about $2,008,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

ELV has been the topic of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. Truist Financial decreased their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Tuesday, February 4th. Morgan Stanley reduced their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, Argus reiterated a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $517.03.

Elevance Health Trading Up 2.5 %

NYSE:ELV opened at $391.86 on Thursday. Elevance Health, Inc. has a one year low of $362.21 and a one year 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 company’s 50-day simple moving average is $384.93 and its 200 day simple moving average is $445.67. The firm has a market capitalization of $90.88 billion, a P/E ratio of 15.30, a PEG ratio of 1.17 and a beta of 0.83.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping 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, analysts forecast that Elevance Health, Inc. will post 34 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is currently 25.46%.

Elevance Health 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.