Short Interest in Elevance Health, Inc. (NYSE:ELV) Decreases By 19.8%

Elevance Health, Inc. (NYSE:ELV) was the target of a significant decline in short interest during the month of January. As of January 15th, there was short interest totalling 2,910,000 shares, a decline of 19.8% from the December 31st total of 3,630,000 shares. Approximately 1.3% of the company’s stock are sold short. Based on an average daily trading volume, of 1,920,000 shares, the short-interest ratio is presently 1.5 days.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. StockNews.com cut Elevance Health from a “buy” rating to a “hold” rating in a report on Monday, January 27th. Argus restated a “hold” rating and issued a $405.40 target price on shares of Elevance Health in a report on Wednesday. Raymond James set a $485.00 price objective on shares of Elevance Health in a research note on Friday, October 18th. Finally, Truist Financial dropped their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $517.03.

Elevance Health Trading Down 0.9 %

ELV stock opened at $395.82 on Friday. The stock has a market cap of $91.80 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 1.20 and a beta of 0.84. The business’s 50-day moving average is $386.63 and its 200 day moving average is $458.75. Elevance Health has a 12-month low of $362.21 and a 12-month high of $567.26. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last announced 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 return on equity of 18.28% and a net margin of 3.38%. On average, sell-side analysts anticipate that Elevance Health will post 34.09 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be given a dividend of $1.71 per share. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Monday, March 10th. Elevance Health’s payout ratio is 25.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cypress Wealth Services LLC grew its position in Elevance Health by 3.5% in the 3rd quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock valued at $353,000 after buying an additional 23 shares during the last quarter. Atomi Financial Group Inc. boosted its holdings in Elevance Health by 4.2% in the 3rd quarter. Atomi Financial Group Inc. now owns 615 shares of the company’s stock valued at $320,000 after purchasing an additional 25 shares in the last quarter. Lifeworks Advisors LLC raised its stake in shares of Elevance Health by 2.5% during the 3rd quarter. Lifeworks Advisors LLC now owns 1,037 shares of the company’s stock worth $539,000 after buying an additional 25 shares in the last quarter. Catalyst Financial Partners LLC lifted its holdings in shares of Elevance Health by 2.9% in the 3rd quarter. Catalyst Financial Partners LLC now owns 918 shares of the company’s stock valued at $477,000 after buying an additional 26 shares during the period. Finally, Fullcircle Wealth LLC boosted its stake in shares of Elevance Health by 1.5% in the third quarter. Fullcircle Wealth LLC now owns 1,743 shares of the company’s stock valued at $906,000 after buying an additional 26 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

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.