Rockland Trust Co. Raises Position in Elevance Health, Inc. (NYSE:ELV)

Rockland Trust Co. increased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 11.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 507 shares of the company’s stock after buying an additional 52 shares during the quarter. Rockland Trust Co.’s holdings in Elevance Health were worth $275,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ELV. Richwood Investment Advisors LLC increased its holdings in Elevance Health by 0.8% in the 4th quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock worth $1,201,000 after acquiring an additional 20 shares during the last quarter. Bell Investment Advisors Inc raised its position in shares of Elevance Health by 2.1% in the fourth quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock valued at $466,000 after purchasing an additional 20 shares during the period. Capital Advisors Ltd. LLC lifted its stake in shares of Elevance Health by 8.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock valued at $129,000 after buying an additional 20 shares in the last quarter. Bedel Financial Consulting Inc. boosted its holdings in Elevance Health by 1.6% in the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after buying an additional 20 shares during the period. Finally, American Trust grew its stake in Elevance Health by 2.6% in the 1st quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after buying an additional 20 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health 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 directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,058 shares of company stock worth $17,588,116. Corporate insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ELV shares. TD Cowen cut their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. Stephens reaffirmed an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a report on Tuesday, June 11th. JPMorgan Chase & Co. boosted their target price on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a research report on Monday. Finally, Morgan Stanley assumed coverage on shares of Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $604.29.

Elevance Health Stock Down 0.2 %

NYSE ELV traded down $0.91 during trading hours on Thursday, reaching $541.43. 148,941 shares of the company’s stock traded hands, compared to its average volume of 1,031,369. The firm has a 50-day simple moving average of $530.28 and a 200 day simple moving average of $522.79. The firm has a market cap of $125.84 billion, a PE ratio of 20.49, a PEG ratio of 1.18 and a beta of 0.84. Elevance Health, Inc. has a 52-week low of $431.38 and a 52-week high of $555.35. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $9.04 earnings per share. Sell-side analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.20%. Elevance Health’s dividend payout ratio is currently 24.64%.

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.