Prana Capital Management LP Sells 26,132 Shares of Elevance Health, Inc. (NYSE:ELV)

Prana Capital Management LP decreased its position in Elevance Health, Inc. (NYSE:ELV) by 51.0% during the 4th quarter, Holdings Channel reports. The firm owned 25,083 shares of the company’s stock after selling 26,132 shares during the period. Prana Capital Management LP’s holdings in Elevance Health were worth $9,253,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Signal Advisors Wealth LLC lifted its position in Elevance Health by 30.4% during the 4th quarter. Signal Advisors Wealth LLC now owns 797 shares of the company’s stock valued at $294,000 after acquiring an additional 186 shares during the period. Pines Wealth Management LLC purchased a new position in Elevance Health during the 4th quarter valued at about $216,000. Fifth Third Wealth Advisors LLC lifted its position in Elevance Health by 6.7% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 2,353 shares of the company’s stock valued at $868,000 after acquiring an additional 147 shares during the period. Board of the Pension Protection Fund purchased a new position in Elevance Health during the 4th quarter valued at about $406,000. Finally, Kathmere Capital Management LLC purchased a new position in Elevance Health during the 4th quarter valued at about $400,000. Institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares in the company, valued at approximately $4,008,970.80. This trade represents a 25.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the sale, the chief financial officer now 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 disclosure for this sale can be found here. Insiders have sold 8,535 shares of company stock worth $3,521,612 in the last three months. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ELV. Barclays lifted their target price on shares of Elevance Health from $512.00 to $522.00 and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Wells Fargo & Company cut their target price on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Argus set a $465.00 target price on shares of Elevance Health in a research report on Friday, April 25th. Royal Bank of Canada restated an “outperform” rating and set a $478.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Guggenheim restated a “buy” rating and set a $518.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $510.38.

Elevance Health Price Performance

ELV stock opened at $376.04 on Thursday. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average price of $423.27 and a 200 day moving average price of $403.95. The stock has a market cap of $84.96 billion, a PE ratio of 14.68, a P/E/G ratio of 1.18 and a beta of 0.66.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The firm had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. Equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

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

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.