Dearborn Partners LLC Has $29.92 Million Stock Position in Elevance Health, Inc. (NYSE:ELV)

Dearborn Partners LLC reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 2.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 57,547 shares of the company’s stock after selling 1,652 shares during the period. Dearborn Partners LLC’s holdings in Elevance Health were worth $29,924,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank & Trust Co acquired a new stake in Elevance Health in the 2nd quarter valued at approximately $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health in the second quarter valued at approximately $28,000. PSI Advisors LLC acquired a new stake in shares of Elevance Health in the third quarter worth $27,000. Eastern Bank bought a new position in Elevance Health during the third quarter worth $31,000. Finally, Crewe Advisors LLC acquired a new position in Elevance Health during the 1st quarter valued at $40,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ELV shares. Raymond James set a $485.00 price target on Elevance Health in a research note on Friday, October 18th. Wells Fargo & Company lowered their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Truist Financial reaffirmed a “buy” rating and set a $520.00 price objective (down from $620.00) on shares of Elevance Health in a report on Friday, October 18th. Stephens reissued an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Finally, Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Stock Down 0.9 %

Shares of NYSE:ELV opened at $407.04 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a market cap of $94.40 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.22 and a beta of 0.85. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The company’s 50-day moving average price is $480.88 and its two-hundred day moving average price is $515.30.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The company had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period last year, the company earned $8.99 earnings per share. Elevance Health’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, December 5th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is owned by company insiders.

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.