Ritholtz Wealth Management Sells 824 Shares of Elevance Health, Inc. (NYSE:ELV)

Ritholtz Wealth Management decreased its holdings in Elevance Health, Inc. (NYSE:ELV) by 15.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,439 shares of the company’s stock after selling 824 shares during the period. Ritholtz Wealth Management’s holdings in Elevance Health were worth $2,093,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. OFI Invest Asset Management purchased a new position in shares of Elevance Health in the 3rd quarter worth $25,000. Fortis Capital Advisors LLC purchased a new position in shares of Elevance Health in the 4th quarter worth $29,000. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Elevance Health in the 3rd quarter worth $30,000. TD Capital Management LLC purchased a new position in shares of Elevance Health in the 4th quarter worth $30,000. Finally, Tyler Stone Wealth Management purchased a new position in shares of Elevance Health in the 2nd quarter worth $39,000. Institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the sale, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.35% of the stock is currently owned by insiders.

Elevance Health Price Performance

NYSE:ELV traded down $1.44 on Thursday, reaching $518.52. 875,607 shares of the company’s stock traded hands, compared to its average volume of 1,023,754. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.59. The stock has a 50-day simple moving average of $501.14 and a 200-day simple moving average of $475.76. The firm has a market cap of $120.66 billion, a PE ratio of 20.65, a P/E/G ratio of 1.16 and a beta of 0.78. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $521.18.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.60 by $0.02. Elevance Health had a return on equity of 20.47% and a net margin of 3.49%. The firm had revenue of $42.45 billion for the quarter, compared to analysts’ expectations of $42.19 billion. During the same period in the previous year, the firm posted $5.23 earnings per share. The business’s revenue was up 7.0% compared to the same quarter last year. Equities research analysts forecast that Elevance Health, Inc. will post 37.15 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.26%. This is a boost from Elevance Health’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, March 7th. Elevance Health’s payout ratio is 25.90%.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of research reports. Cantor Fitzgerald raised their price target on Elevance Health from $547.00 to $580.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 14th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Barclays began coverage on Elevance Health in a research report on Wednesday, March 6th. They set an “overweight” rating and a $584.00 target price on the stock. Finally, Royal Bank of Canada lifted their target price on Elevance Health from $572.00 to $574.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $569.36.

Elevance Health Company 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.