First Hawaiian Bank Sells 195 Shares of Elevance Health, Inc. (NYSE:ELV)

First Hawaiian Bank reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 2.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,593 shares of the company’s stock after selling 195 shares during the quarter. First Hawaiian Bank’s holdings in Elevance Health were worth $3,419,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Norges Bank bought a new stake in Elevance Health during the 4th quarter valued at $1,347,434,000. Massachusetts Financial Services Co. MA purchased a new position in Elevance Health during the 4th quarter valued at $467,141,000. Canoe Financial LP increased its position in Elevance Health by 158.1% during the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares during the period. Morningstar Investment Services LLC purchased a new position in Elevance Health during the 4th quarter valued at $239,244,000. Finally, International Assets Investment Management LLC increased its position in Elevance Health by 45,888.1% during the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after purchasing an additional 255,138 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $527.31 on Thursday. The stock has a market cap of $122.56 billion, a price-to-earnings ratio of 19.93, a PEG ratio of 1.17 and a beta of 0.83. The firm’s 50-day moving average is $530.65 and its 200 day moving average is $506.05. Elevance Health, Inc. has a 1 year low of $412.00 and a 1 year high of $550.34. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. Elevance Health’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $9.46 EPS. Sell-side analysts anticipate that Elevance Health, Inc. will post 37.2 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.24%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research report on Wednesday, June 12th. Truist Financial reaffirmed a “buy” rating and issued a $600.00 target price (up from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Finally, Barclays upped their target price on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $607.36.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.35% of the company’s stock.

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.