First National Trust Co Cuts Position in Elevance Health, Inc. (NYSE:ELV)

First National Trust Co decreased its holdings in Elevance Health, Inc. (NYSE:ELV) by 3.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 809 shares of the company’s stock after selling 28 shares during the quarter. First National Trust Co’s holdings in Elevance Health were worth $298,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ELV. GSA Capital Partners LLP acquired a new stake in shares of Elevance Health in the 3rd quarter worth $518,000. Oppenheimer Asset Management Inc. boosted its position in shares of Elevance Health by 1.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 7,698 shares of the company’s stock worth $4,003,000 after purchasing an additional 118 shares in the last quarter. Kovack Advisors Inc. boosted its position in shares of Elevance Health by 9.7% in the 3rd quarter. Kovack Advisors Inc. now owns 486 shares of the company’s stock worth $253,000 after purchasing an additional 43 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of Elevance Health by 15.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,028 shares of the company’s stock worth $3,655,000 after purchasing an additional 941 shares in the last quarter. Finally, Impax Asset Management Group plc boosted its position in shares of Elevance Health by 6.0% in the 3rd quarter. Impax Asset Management Group plc now owns 25,305 shares of the company’s stock worth $13,159,000 after purchasing an additional 1,435 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ELV shares. Truist Financial lowered their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. StockNews.com cut Elevance Health from a “buy” rating to a “hold” rating in a research report on Wednesday. Argus reaffirmed a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research report on Wednesday, January 29th. Barclays lifted their price target on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Finally, Wells Fargo & Company lowered their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $517.03.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the sale, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by company insiders.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $421.72 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The business has a 50-day moving average price of $395.45 and a 200 day moving average price of $429.65. The firm has a market cap of $95.88 billion, a PE ratio of 16.47, a P/E/G ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, beating 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%. Sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.71 per share. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 1.62%. The ex-dividend date is Monday, March 10th. Elevance Health’s payout ratio 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.