Zions Bancorporation N.A. Cuts Holdings in Elevance Health, Inc. (NYSE:ELV)

Zions Bancorporation N.A. trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 39.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 96 shares of the company’s stock after selling 63 shares during the quarter. Zions Bancorporation N.A.’s holdings in Elevance Health were worth $35,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Dunhill Financial LLC raised its holdings in shares of Elevance Health by 57.8% during the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares during the period. Tobam raised its stake in Elevance Health by 6.6% during the fourth quarter. Tobam now owns 434 shares of the company’s stock worth $160,000 after purchasing an additional 27 shares during the period. Jacobi Capital Management LLC boosted its holdings in Elevance Health by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock valued at $325,000 after purchasing an additional 27 shares during the last quarter. Austin Private Wealth LLC grew its stake in shares of Elevance Health by 1.5% in the 4th quarter. Austin Private Wealth LLC now owns 1,996 shares of the company’s stock valued at $736,000 after buying an additional 29 shares during the period. Finally, Quent Capital LLC increased its holdings 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 last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Performance

NYSE:ELV opened at $431.81 on Friday. Elevance Health, Inc. has a 52 week low of $362.21 and a 52 week high of $567.26. The company has a fifty day simple moving average of $403.50 and a two-hundred day simple moving average of $422.91. 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 $98.17 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, equities analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Monday, March 10th were issued a $1.71 dividend. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date was Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.58%. Elevance Health’s dividend payout ratio (DPR) is 26.71%.

Insiders Place Their Bets

In other news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction 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 approximately $766,745.11. The trade was a 19.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on ELV shares. Truist Financial lowered their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target for the company in a report on Monday, March 17th. Barclays boosted their price objective on shares of Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a report on Friday, January 24th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Finally, StockNews.com raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and an average price target of $519.81.

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.