Signet Financial Management LLC Reduces Stake in Elevance Health, Inc. (NYSE:ELV)

Signet Financial Management LLC lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 3.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,025 shares of the company’s stock after selling 36 shares during the quarter. Signet Financial Management LLC’s holdings in Elevance Health were worth $532,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. abrdn plc increased its holdings in shares of Elevance Health by 86.8% in the 4th quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after acquiring an additional 129,364 shares during the last quarter. Cerity Partners LLC grew its stake in Elevance Health by 21.3% during the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock worth $24,663,000 after buying an additional 9,199 shares during the last quarter. Canoe Financial LP grew its stake in Elevance Health by 158.1% during the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after buying an additional 517,116 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Elevance Health during the 4th quarter worth approximately $218,000. Finally, Tower Research Capital LLC TRC grew its stake in Elevance Health by 114.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after buying an additional 16,737 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on ELV. Robert W. Baird began coverage on Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 price target on the stock. Barclays raised their price target on Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Morgan Stanley assumed coverage on Elevance Health in a research note on Monday. They set an “overweight” rating and a $643.00 price target on the stock. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Finally, UBS Group increased their price objective on Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $611.36.

Elevance Health Stock Up 0.3 %

ELV opened at $535.91 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The business has a 50 day simple moving average of $533.94 and a 200-day simple moving average of $508.02. The stock has a market capitalization of $124.56 billion, a P/E ratio of 20.25, a P/E/G ratio of 1.18 and a beta of 0.83. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $550.34.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm had revenue of $42.27 billion during the quarter, compared to the consensus estimate of $42.49 billion. During the same period last year, the business posted $9.46 EPS. Elevance Health’s quarterly revenue was up .9% on a year-over-year basis. On average, equities analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.22%. The ex-dividend date was Monday, June 10th. Elevance Health’s payout ratio is currently 24.64%.

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.