AlphaCentric Advisors LLC Invests $997,000 in Elevance Health, Inc. (NYSE:ELV)

AlphaCentric Advisors LLC acquired a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,702 shares of the company’s stock, valued at approximately $997,000. Elevance Health accounts for approximately 1.0% of AlphaCentric Advisors LLC’s holdings, making the stock its 29th biggest holding.

Other large investors also recently modified their holdings of the company. Pathway Financial Advisers LLC grew its holdings in Elevance Health by 51,967.1% in the third quarter. Pathway Financial Advisers LLC now owns 657,607 shares of the company’s stock worth $341,956,000 after purchasing an additional 656,344 shares during the period. Stifel Financial Corp grew its holdings in Elevance Health by 309.7% in the third quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock worth $370,794,000 after purchasing an additional 538,978 shares during the period. International Assets Investment Management LLC grew its holdings in Elevance Health by 85,533.1% in the third quarter. International Assets Investment Management LLC now owns 532,638 shares of the company’s stock worth $276,972,000 after purchasing an additional 532,016 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock worth $1,246,574,000 after purchasing an additional 334,552 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Elevance Health by 6.9% in the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company’s stock worth $2,320,024,000 after purchasing an additional 286,905 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Down 0.5 %

Elevance Health stock opened at $389.58 on Monday. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The stock has a market cap of $90.35 billion, a PE ratio of 15.21, a price-to-earnings-growth ratio of 1.17 and a beta of 0.83. The firm’s 50-day simple moving average is $385.08 and its 200 day simple moving average is $448.71. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping 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%. Research analysts predict that Elevance Health, Inc. will post 34.05 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.76%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. Elevance Health’s payout ratio is presently 25.46%.

Analysts Set New Price Targets

A number of equities research analysts have commented on ELV shares. Truist Financial reduced their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Morgan Stanley dropped their price objective on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. TD Cowen dropped their price objective on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Friday, January 24th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $517.03.

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.