Modern Wealth Management LLC Sells 343 Shares of Elevance Health, Inc. (NYSE:ELV)

Modern Wealth Management LLC trimmed its position in Elevance Health, Inc. (NYSE:ELV) by 16.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,798 shares of the company’s stock after selling 343 shares during the quarter. Modern Wealth Management LLC’s holdings in Elevance Health were worth $712,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ELV. Raelipskie Partnership purchased a new position in Elevance Health during the 3rd quarter worth $26,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Elevance Health during the fourth quarter worth about $26,000. Dunhill Financial LLC grew its stake in shares of Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares during the last quarter. Lee Danner & Bass Inc. acquired a new position in shares of Elevance Health during the fourth quarter valued at about $30,000. Finally, OFI Invest Asset Management purchased a new position in shares of Elevance Health in the 4th quarter valued at approximately $29,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ELV has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their price target 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. Truist Financial cut their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target on the stock in a research note on Monday, March 17th. Finally, Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $519.81.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of Elevance Health 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 completion of the sale, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Elevance Health Price Performance

Shares of NYSE ELV opened at $430.29 on Thursday. 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 stock has a market capitalization of $97.83 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.18 and a beta of 0.86. The firm’s 50 day simple moving average is $402.56 and its 200-day simple moving average is $422.85. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS 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%. Analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were issued a $1.71 dividend. This is a boost 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 1.59%. Elevance Health’s dividend payout ratio is presently 26.71%.

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.