4,834 Shares in Elevance Health, Inc. (NYSE:ELV) Bought by Cypress Advisory Group LLC

Cypress Advisory Group LLC purchased a new stake in shares of Elevance Health, Inc. (NYSE:ELV) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 4,834 shares of the company’s stock, valued at approximately $1,783,000. Elevance Health comprises 1.6% of Cypress Advisory Group LLC’s investment portfolio, making the stock its 18th biggest holding.

A number of other hedge funds have also modified their holdings of the company. Flagship Wealth Advisors LLC acquired a new position in Elevance Health in the 4th quarter worth approximately $26,000. OFI Invest Asset Management purchased a new stake in shares of Elevance Health in the 4th quarter valued at $29,000. WealthTrak Capital Management LLC acquired a new stake in shares of Elevance Health in the fourth quarter worth $29,000. Lee Danner & Bass Inc. purchased a new position in shares of Elevance Health during the fourth quarter worth $30,000. Finally, Crews Bank & Trust acquired a new position in Elevance Health during the fourth quarter valued at $34,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’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 of the company’s stock, valued at approximately $4,008,970.80. The trade was a 25.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 1,847 shares of the company’s stock, valued at $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. In the last quarter, insiders sold 8,535 shares of company stock valued at $3,521,612. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ELV. Royal Bank of Canada reiterated an “outperform” rating and set a $478.00 price objective on shares of Elevance Health in a research note on Wednesday, April 23rd. Baird R W downgraded Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Robert W. Baird reaffirmed a “neutral” rating and set a $529.00 price objective (down previously from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Finally, Truist Financial raised their price target on shares of Elevance Health from $480.00 to $510.00 and gave the company a “buy” rating in a research report on Friday, April 11th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $510.38.

Elevance Health Price Performance

NYSE:ELV opened at $420.82 on Thursday. The stock has a 50 day moving average of $421.60 and a two-hundred day moving average of $406.82. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The firm has a market cap of $95.08 billion, a P/E ratio of 16.43, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. 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 Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The firm had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. On average, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be given a dividend of $1.71 per share. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.63%. Elevance Health’s payout ratio is presently 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.