Washington Trust Bank Buys 1,569 Shares of Elevance Health, Inc. $ELV

Washington Trust Bank raised its stake in Elevance Health, Inc. (NYSE:ELV) by 5.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,507 shares of the company’s stock after acquiring an additional 1,569 shares during the quarter. Washington Trust Bank’s holdings in Elevance Health were worth $12,644,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ELV. Strategic Blueprint LLC acquired a new stake in shares of Elevance Health during the first quarter worth $200,000. Concurrent Investment Advisors LLC boosted its holdings in Elevance Health by 50.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,189 shares of the company’s stock valued at $952,000 after purchasing an additional 735 shares during the period. Envestnet Asset Management Inc. lifted its position in Elevance Health by 16.7% during the first quarter. Envestnet Asset Management Inc. now owns 573,607 shares of the company’s stock worth $249,496,000 after purchasing an additional 82,014 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of Elevance Health by 50.3% during the 1st quarter. TD Private Client Wealth LLC now owns 4,035 shares of the company’s stock worth $1,755,000 after acquiring an additional 1,351 shares during the period. Finally, U.S. Capital Wealth Advisors LLC acquired a new stake in Elevance Health in the first quarter valued at about $230,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ELV. Robert W. Baird lowered their target price on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Weiss Ratings raised Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. Truist Financial set a $400.00 price target on shares of Elevance Health in a research note on Tuesday, October 14th. Barclays dropped their price objective on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. Finally, Guggenheim boosted their target price on shares of Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Twelve research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $397.33.

Insider Buying and Selling at Elevance Health

In other news, Director Susan D. Devore purchased 1,200 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares of the company’s stock, valued at $1,093,149.30. The trade was a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Up 0.4%

Elevance Health stock opened at $317.93 on Thursday. The firm’s 50-day simple moving average is $329.35 and its 200 day simple moving average is $346.19. The stock has a market cap of $70.66 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The company had revenue of $50.09 billion during the quarter, compared to analyst estimates of $49.26 billion. During the same quarter in the prior year, the business earned $8.37 earnings per share. The firm’s revenue for the quarter was up 12.0% on a year-over-year basis. Research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a $1.71 dividend. The ex-dividend date is Friday, December 5th. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. Elevance Health’s payout ratio is presently 27.96%.

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.