Alpha Omega Wealth Management LLC Sells 28 Shares of Elevance Health, Inc. (NYSE:ELV)

Alpha Omega Wealth Management LLC trimmed its holdings in Elevance Health, Inc. (NYSE:ELV) by 2.9% in the 1st quarter, Holdings Channel reports. The fund owned 933 shares of the company’s stock after selling 28 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Elevance Health were worth $406,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. CIBC Private Wealth Group LLC increased its stake in shares of Elevance Health by 82.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company’s stock worth $276,073,000 after acquiring an additional 326,543 shares in the last quarter. VELA Investment Management LLC grew its position in Elevance Health by 101.6% during the 4th quarter. VELA Investment Management LLC now owns 2,074 shares of the company’s stock valued at $765,000 after purchasing an additional 1,045 shares during the last quarter. Banque Pictet & Cie SA grew its position in Elevance Health by 44.7% during the 4th quarter. Banque Pictet & Cie SA now owns 26,168 shares of the company’s stock valued at $9,653,000 after purchasing an additional 8,081 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its position in Elevance Health by 2.5% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 93,000 shares of the company’s stock valued at $34,308,000 after purchasing an additional 2,300 shares during the last quarter. Finally, Portfolio Design Labs LLC grew its position in Elevance Health by 37.6% during the 4th quarter. Portfolio Design Labs LLC now owns 8,403 shares of the company’s stock valued at $3,100,000 after purchasing an additional 2,296 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $380.65 on Thursday. The firm’s 50-day moving average price is $406.37 and its 200-day moving average price is $400.45. The company has a quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The company has a market cap of $86.00 billion, a PE ratio of 14.86, a PEG ratio of 1.18 and a beta of 0.60. Elevance Health, Inc. has a 52-week low of $357.45 and a 52-week high of $567.26.

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

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a yield of 1.80%. Elevance Health’s dividend payout ratio is currently 26.69%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ELV shares. Mizuho increased their price objective on shares of Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a research report on Wednesday, April 9th. Truist Financial set a $500.00 price objective on shares of Elevance Health and gave the company a “buy” rating in a research report on Monday. Barclays cut their price objective on shares of Elevance Health from $522.00 to $480.00 and set an “overweight” rating on the stock in a research report on Monday, June 2nd. Cantor Fitzgerald reissued an “overweight” rating and set a $485.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $478.00 price objective on shares of Elevance Health in a research report on Wednesday, June 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $498.87.

Insider Activity at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by company insiders.

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.