Abacus Planning Group Inc. Sells 291 Shares of Elevance Health, Inc. (NYSE:ELV)

Abacus Planning Group Inc. reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 34.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 551 shares of the company’s stock after selling 291 shares during the period. Abacus Planning Group Inc.’s holdings in Elevance Health were worth $203,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Sequoia Financial Advisors LLC raised its position in Elevance Health by 5.3% during the third quarter. Sequoia Financial Advisors LLC now owns 6,665 shares of the company’s stock valued at $3,466,000 after purchasing an additional 337 shares in the last quarter. Eastern Bank acquired a new position in Elevance Health during the third quarter valued at approximately $31,000. Waldron Private Wealth LLC raised its position in Elevance Health by 7.2% during the third quarter. Waldron Private Wealth LLC now owns 1,143 shares of the company’s stock valued at $594,000 after purchasing an additional 77 shares in the last quarter. GAM Holding AG raised its position in Elevance Health by 0.8% during the third quarter. GAM Holding AG now owns 15,741 shares of the company’s stock valued at $8,185,000 after purchasing an additional 121 shares in the last quarter. Finally, Lecap Asset Management Ltd. acquired a new position in Elevance Health during the third quarter valued at approximately $2,008,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $391.86 on Thursday. 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, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The stock has a market cap of $90.88 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 1.17 and a beta of 0.83. The company’s fifty day moving average is $384.93 and its 200 day moving average is $445.67.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, beating 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%. Sell-side analysts forecast that Elevance Health, Inc. will post 34 EPS for the current year.

Elevance Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be given a dividend of $1.71 per share. The ex-dividend date is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.75%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is 25.46%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ELV shares. Truist Financial lowered their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a report on Tuesday, February 4th. Morgan Stanley lowered their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Mizuho lowered their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Finally, Wells Fargo & Company lowered their price target on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Three 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’s stock. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus price target 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.