Elevance Health, Inc. (NYSE:ELV) Shares Bought by Burke & Herbert Bank & Trust Co.

Burke & Herbert Bank & Trust Co. grew its holdings in Elevance Health, Inc. (NYSE:ELV) by 62.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,689 shares of the company’s stock after buying an additional 649 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Elevance Health were worth $915,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ELV. Bank & Trust Co acquired a new position in Elevance Health during the second quarter worth $27,000. Pin Oak Investment Advisors Inc. acquired a new position in Elevance Health during the 4th quarter worth about $28,000. Palisade Asset Management LLC purchased a new position in Elevance Health during the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health in the 2nd quarter valued at about $28,000. Finally, Alaska Permanent Fund Corp purchased a new stake in Elevance Health during the fourth quarter worth about $31,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 in the last three months. 0.35% of the stock is currently owned by company insiders.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $531.65 on Wednesday. The firm has a market capitalization of $123.57 billion, a P/E ratio of 20.09, a P/E/G ratio of 1.18 and a beta of 0.84. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a 52 week low of $431.38 and a 52 week high of $555.35. The firm’s 50 day moving average is $529.70 and its two-hundred day moving average is $520.91.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. During the same period last year, the firm posted $9.04 EPS. The company’s revenue was down .4% on a year-over-year basis. Research analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s payout ratio is currently 24.64%.

Analyst Ratings Changes

Several research analysts have recently commented on ELV shares. UBS Group raised their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research note on Tuesday, July 23rd. Royal Bank of Canada increased their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Bank of America reissued a “neutral” rating and set a $530.00 target price (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Finally, Morgan Stanley started coverage on Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target on the stock. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Elevance Health presently has an average rating of “Buy” and a consensus target price of $604.29.

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.