Sagespring Wealth Partners LLC Raises Stock Position in Elevance Health, Inc. (NYSE:ELV)

Sagespring Wealth Partners LLC lifted its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 91.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,339 shares of the company’s stock after acquiring an additional 640 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in Elevance Health were worth $582,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Elevance Health by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company’s stock worth $7,926,028,000 after acquiring an additional 138,380 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Elevance Health by 4.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company’s stock worth $3,917,004,000 after acquiring an additional 464,137 shares during the period. Wellington Management Group LLP increased its position in shares of Elevance Health by 42.5% during the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock worth $2,344,556,000 after acquiring an additional 1,893,947 shares during the period. Geode Capital Management LLC increased its position in shares of Elevance Health by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company’s stock worth $1,826,447,000 after acquiring an additional 115,971 shares during the period. Finally, Sanders Capital LLC increased its holdings in Elevance Health by 1.7% during the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company’s stock valued at $1,728,722,000 after buying an additional 76,896 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ELV shares. Robert W. Baird reissued a “neutral” rating and set a $529.00 price objective (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Guggenheim reissued a “buy” rating and set a $518.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Wall Street Zen raised shares of Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Royal Bank Of Canada reissued an “outperform” rating and set a $478.00 price objective on shares of Elevance Health in a report on Wednesday, June 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $498.87.

Elevance Health Price Performance

NYSE ELV opened at $375.58 on Thursday. The firm’s fifty day simple moving average is $401.21 and its two-hundred day simple moving average is $399.60. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. Elevance Health, Inc. has a 12-month low of $357.45 and a 12-month high of $567.26. The firm has a market capitalization of $84.86 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.95 and a beta of 0.60.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The business had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.69%.

Insider Activity

In other news, CFO Mark Kaye sold 4,588 shares of the business’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer now directly owns 18,977 shares of the company’s stock, valued at $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

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.