Bank of New York Mellon Corp Sells 156,230 Shares of Elevance Health, Inc. (NYSE:ELV)

Bank of New York Mellon Corp reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 9.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,453,214 shares of the company’s stock after selling 156,230 shares during the period. Bank of New York Mellon Corp owned about 0.63% of Elevance Health worth $536,091,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Impax Asset Management Group plc raised its stake in shares of Elevance Health by 1.1% in the fourth quarter. Impax Asset Management Group plc now owns 25,596 shares of the company’s stock valued at $9,442,000 after acquiring an additional 291 shares during the last quarter. Crestwood Advisors Group LLC raised its position in Elevance Health by 26.9% in the 4th quarter. Crestwood Advisors Group LLC now owns 669 shares of the company’s stock valued at $247,000 after purchasing an additional 142 shares during the last quarter. Colonial River Investments LLC raised its position in Elevance Health by 168.0% in the 4th quarter. Colonial River Investments LLC now owns 1,509 shares of the company’s stock valued at $557,000 after purchasing an additional 946 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Elevance Health in the fourth quarter worth $4,848,000. Finally, C WorldWide Group Holding A S grew its holdings in shares of Elevance Health by 30.3% during the fourth quarter. C WorldWide Group Holding A S now owns 91,383 shares of the company’s stock worth $33,711,000 after purchasing an additional 21,239 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on ELV. Mizuho reduced their price target 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research report on Friday, January 24th. Barclays raised their price target on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Wells Fargo & Company reduced their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Finally, Argus reiterated a “hold” rating and issued a $405.40 price objective on shares of Elevance Health in a research report on Wednesday, January 29th. 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $517.03.

Elevance Health Price Performance

Shares of ELV opened at $402.95 on Wednesday. The stock has a market cap of $91.61 billion, a P/E ratio of 15.73, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The stock’s 50-day moving average price is $386.22 and its two-hundred day moving average price is $441.32. 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 released its quarterly earnings data 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%. On average, equities analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current 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 $1.71 dividend. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.70%. Elevance Health’s payout ratio is 26.71%.

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.