Sandy Spring Bank Sells 2,840 Shares of Elevance Health, Inc. (NYSE:ELV)

Sandy Spring Bank reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 17.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,180 shares of the company’s stock after selling 2,840 shares during the quarter. Sandy Spring Bank’s holdings in Elevance Health were worth $4,862,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Raelipskie Partnership bought a new position in Elevance Health in the 3rd quarter worth $26,000. Flagship Wealth Advisors LLC bought a new position in Elevance Health in the 4th quarter worth $26,000. Dunhill Financial LLC raised its holdings in Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the period. OFI Invest Asset Management bought a new position in Elevance Health in the 4th quarter worth $29,000. Finally, Crews Bank & Trust bought a new position in Elevance Health in the 4th quarter worth $34,000. 89.24% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ELV shares. StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday. Wells Fargo & Company decreased their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 price target on shares of Elevance Health in a report on Friday, January 24th. Truist Financial decreased their price target on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Argus raised Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target on the stock in a report on Monday. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $519.81.

Elevance Health Trading Down 1.2 %

Shares of Elevance Health stock opened at $430.87 on Thursday. The firm has a market cap of $97.96 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 1.18 and a beta of 0.86. The business has a 50-day moving average price of $398.56 and a 200-day moving average price of $427.12. 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.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping 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%. Equities research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The business 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 $1.71 dividend. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.59%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio (DPR) is currently 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.