Cigna Investments Inc. New Reduces Holdings in Elevance Health, Inc. (NYSE:ELV)

Cigna Investments Inc. New cut its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,359 shares of the company’s stock after selling 31 shares during the quarter. Cigna Investments Inc. New’s holdings in Elevance Health were worth $870,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Compound Global Advisors LLC purchased a new stake in shares of Elevance Health during the fourth quarter worth about $1,138,000. Stonebridge Financial Group LLC purchased a new stake in shares of Elevance Health during the fourth quarter worth about $190,000. Cambiar Investors LLC acquired a new stake in shares of Elevance Health in the fourth quarter worth approximately $45,614,000. Equitable Trust Co. boosted its position in shares of Elevance Health by 17.1% in the fourth quarter. Equitable Trust Co. now owns 2,061 shares of the company’s stock worth $760,000 after acquiring an additional 301 shares during the last quarter. Finally, Wingate Wealth Advisors Inc. acquired a new stake in shares of Elevance Health in the fourth quarter worth approximately $125,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ELV shares. Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Mizuho decreased their target price on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 5th. 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, TD Cowen reduced their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Stock Up 1.3 %

Shares of NYSE:ELV opened at $396.34 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The company has a fifty day simple moving average of $385.87 and a 200 day simple moving average of $452.95. The firm has a market cap of $91.92 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.17 and a beta of 0.83. 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 earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share 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%. On average, equities research analysts anticipate that Elevance Health, Inc. will post 34.05 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be issued a dividend of $1.71 per share. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.73%. Elevance Health’s payout ratio is 26.71%.

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.