Northern Financial Advisors Inc Trims Stake in Elevance Health, Inc. (NYSE:ELV)

Northern Financial Advisors Inc lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 30.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,323 shares of the company’s stock after selling 587 shares during the period. Northern Financial Advisors Inc’s holdings in Elevance Health were worth $488,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ELV. Raelipskie Partnership purchased a new stake in shares of Elevance Health in the 3rd quarter valued at about $26,000. PSI Advisors LLC bought a new position in shares of Elevance Health in the third quarter worth approximately $27,000. Eastern Bank purchased a new stake in Elevance Health in the third quarter valued at approximately $31,000. Dunhill Financial LLC lifted its position in Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after purchasing an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. purchased a new position in Elevance Health in the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Elevance Health stock opened at $391.68 on Friday. The stock’s 50 day moving average is $384.96 and its 200 day moving average is $450.70. The company has a market capitalization of $90.84 billion, a P/E ratio of 15.29, a PEG ratio of 1.17 and a beta of 0.83. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts’ consensus estimates 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 predict that Elevance Health, Inc. will post 34.05 earnings per share 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. Investors of record on Monday, March 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is currently 25.46%.

Analyst Ratings Changes

Several analysts have recently weighed in on ELV shares. Barclays raised their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Argus reaffirmed a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research note on Wednesday, January 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a research report on Friday, January 24th. TD Cowen dropped their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Finally, Raymond James set a $485.00 price target on shares of Elevance Health in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $517.03.

About Elevance Health

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.