Latitude Advisors LLC Has $345,000 Stake in Elevance Health, Inc. (NYSE:ELV)

Latitude Advisors LLC lowered its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 3.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 936 shares of the company’s stock after selling 31 shares during the period. Latitude Advisors LLC’s holdings in Elevance Health were worth $345,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ELV. Exchange Traded Concepts LLC increased its holdings in Elevance Health by 50.8% in the third quarter. Exchange Traded Concepts LLC now owns 1,970 shares of the company’s stock valued at $1,024,000 after purchasing an additional 664 shares during the last quarter. Granite Harbor Advisors Inc. boosted its position in shares of Elevance Health by 1.2% during the third quarter. Granite Harbor Advisors Inc. now owns 3,971 shares of the company’s stock worth $2,065,000 after buying an additional 48 shares during the period. Sentry LLC raised its holdings in shares of Elevance Health by 0.9% in the third quarter. Sentry LLC now owns 3,209 shares of the company’s stock valued at $1,669,000 after purchasing an additional 30 shares during the last quarter. SeaCrest Wealth Management LLC lifted its position in Elevance Health by 1.8% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,336 shares of the company’s stock worth $1,215,000 after buying an additional 41 shares in the last quarter. Finally, Sumitomo Life Insurance Co. boosted its position in Elevance Health by 2.8% during the third quarter. Sumitomo Life Insurance Co. now owns 2,264 shares of the company’s stock valued at $1,177,000 after purchasing an additional 61 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ELV has been the topic of several research analyst reports. Wells Fargo & Company dropped their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Stephens downgraded Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. Argus reiterated a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research report on Wednesday, January 29th. UBS Group lowered their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Finally, Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and an average target price of $517.03.

Elevance Health Price Performance

NYSE:ELV opened at $396.34 on Tuesday. The company has a market capitalization of $91.92 billion, a P/E ratio of 15.48, a P/E/G ratio of 1.17 and a beta of 0.83. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The business’s 50-day moving average is $385.87 and its 200 day moving average is $452.95. 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 issued its quarterly earnings results 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 return on equity of 18.28% and a net margin of 3.38%. On average, equities research analysts forecast that Elevance Health, Inc. will post 34.05 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.73%. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. Elevance Health’s dividend payout ratio (DPR) 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.