Elevance Health, Inc. (NYSE:ELV) Shares Sold by Professional Advisory Services Inc.

Professional Advisory Services Inc. cut its stake in Elevance Health, Inc. (NYSE:ELV) by 9.2% in the first quarter, HoldingsChannel reports. The fund owned 70,167 shares of the company’s stock after selling 7,102 shares during the period. Elevance Health accounts for approximately 4.3% of Professional Advisory Services Inc.’s investment portfolio, making the stock its 2nd largest holding. Professional Advisory Services Inc.’s holdings in Elevance Health were worth $30,520,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of ELV. Milestone Asset Management LLC raised its stake in shares of Elevance Health by 2.2% during the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company’s stock worth $488,000 after buying an additional 24 shares during the period. Tobam raised its stake in shares of Elevance Health by 6.6% during the 4th quarter. Tobam now owns 434 shares of the company’s stock worth $160,000 after buying an additional 27 shares during the period. Jacobi Capital Management LLC raised its stake in shares of Elevance Health by 3.2% during the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock worth $325,000 after buying an additional 27 shares during the period. Quent Capital LLC raised its stake in shares of Elevance Health by 2.1% during the 4th quarter. Quent Capital LLC now owns 1,488 shares of the company’s stock worth $549,000 after buying an additional 30 shares during the period. Finally, McLean Asset Management Corp raised its stake in shares of Elevance Health by 2.3% during the 1st quarter. McLean Asset Management Corp now owns 1,439 shares of the company’s stock worth $620,000 after buying an additional 32 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the company’s stock in a transaction on Thursday, April 24th. The stock was 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 directly owns 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ronald W. Penczek sold 443 shares of the company’s stock in a transaction on Monday, March 10th. The shares were 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 owns 1,847 shares of the company’s stock, valued at approximately $766,745.11. The trade was a 19.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Baird R W downgraded Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Argus set a $465.00 target price on Elevance Health in a research note on Friday, April 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Wall Street Zen raised Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $529.00 target price (down from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Elevance Health has an average rating of “Moderate Buy” and a consensus price target of $499.53.

Elevance Health Stock Up 2.4%

Shares of ELV opened at $393.70 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. Elevance Health, Inc. has a one year low of $357.45 and a one year high of $567.26. The stock has a market capitalization of $88.95 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 1.18 and a beta of 0.60. The stock has a 50 day moving average price of $409.50 and a 200 day moving average price of $400.82.

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. The firm had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Equities research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.74%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s payout ratio is currently 26.69%.

Elevance Health 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.