Sterling Investment Management LLC Sells 92 Shares of Elevance Health, Inc. (NYSE:ELV)

Sterling Investment Management LLC reduced its holdings in Elevance Health, Inc. (NYSE:ELV) by 2.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,948 shares of the company’s stock after selling 92 shares during the quarter. Elevance Health comprises 1.4% of Sterling Investment Management LLC’s investment portfolio, making the stock its 26th largest position. Sterling Investment Management LLC’s holdings in Elevance Health were worth $1,862,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Alliance Wealth Advisors LLC grew its position in shares of Elevance Health by 2.9% in the 4th quarter. Alliance Wealth Advisors LLC now owns 745 shares of the company’s stock worth $351,000 after buying an additional 21 shares during the last quarter. ProVise Management Group LLC lifted its stake in shares of Elevance Health by 0.6% in the 2nd quarter. ProVise Management Group LLC now owns 3,856 shares of the company’s stock valued at $1,713,000 after purchasing an additional 22 shares during the period. Clearstead Advisors LLC lifted its stake in shares of Elevance Health by 0.9% in the 3rd quarter. Clearstead Advisors LLC now owns 2,516 shares of the company’s stock valued at $1,096,000 after purchasing an additional 22 shares during the period. Financial Counselors Inc. lifted its stake in shares of Elevance Health by 1.0% in the 3rd quarter. Financial Counselors Inc. now owns 2,284 shares of the company’s stock valued at $994,000 after purchasing an additional 22 shares during the period. Finally, Sugarloaf Wealth Management LLC lifted its stake in shares of Elevance Health by 8.6% in the 4th quarter. Sugarloaf Wealth Management LLC now owns 277 shares of the company’s stock valued at $131,000 after purchasing an additional 22 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Up 0.5 %

ELV stock opened at $519.90 on Thursday. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $521.18. The business has a fifty day moving average price of $500.26 and a 200-day moving average price of $475.45. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market capitalization of $120.98 billion, a P/E ratio of 20.66, a P/E/G ratio of 1.16 and a beta of 0.78.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share for the quarter, topping the consensus estimate of $5.60 by $0.02. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The firm had revenue of $42.45 billion during the quarter, compared to analysts’ expectations of $42.19 billion. During the same quarter in the previous year, the business earned $5.23 earnings per share. The company’s revenue was up 7.0% on a year-over-year basis. Equities analysts forecast that Elevance Health, Inc. will post 37.15 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a $1.63 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.25%. This is a boost from Elevance Health’s previous quarterly dividend of $1.48. Elevance Health’s payout ratio is currently 25.90%.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.35% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ELV. Barclays began coverage on Elevance Health in a research note on Wednesday, March 6th. They issued an “overweight” rating and a $584.00 target price for the company. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Cantor Fitzgerald lifted their price objective on Elevance Health from $547.00 to $580.00 and gave the company an “overweight” rating in a research note on Wednesday, February 14th. Finally, Royal Bank of Canada lifted their price objective on Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $569.36.

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.