Independence Bank of Kentucky Acquires 297 Shares of Elevance Health, Inc. (NYSE:ELV)

Independence Bank of Kentucky grew its stake in Elevance Health, Inc. (NYSE:ELV) by 47.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 923 shares of the company’s stock after acquiring an additional 297 shares during the period. Independence Bank of Kentucky’s holdings in Elevance Health were worth $479,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. New England Research & Management Inc. increased its position in shares of Elevance Health by 6.6% during the 1st quarter. New England Research & Management Inc. now owns 2,025 shares of the company’s stock worth $1,050,000 after purchasing an additional 125 shares during the last quarter. Asio Capital LLC grew its stake in shares of Elevance Health by 1.8% in the first quarter. Asio Capital LLC now owns 9,317 shares of the company’s stock valued at $4,831,000 after buying an additional 162 shares in the last quarter. Register Financial Advisors LLC acquired a new position in Elevance Health during the first quarter worth $32,000. Artemis Investment Management LLP raised its position in Elevance Health by 16.1% during the first quarter. Artemis Investment Management LLP now owns 83,757 shares of the company’s stock worth $43,422,000 after acquiring an additional 11,627 shares in the last quarter. Finally, Indiana Trust & Investment Management CO lifted its stake in Elevance Health by 5.3% in the first quarter. Indiana Trust & Investment Management CO now owns 652 shares of the company’s stock valued at $338,000 after acquiring an additional 33 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the sale, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Trading Up 1.1 %

Shares of Elevance Health stock opened at $541.86 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a 50-day moving average of $534.36 and a 200-day moving average of $508.85. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $550.34. The stock has a market cap of $125.94 billion, a PE ratio of 20.48, a PEG ratio of 1.18 and a beta of 0.83.

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

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ELV shares. Baird R W raised shares of Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. Jefferies Financial Group upped their price objective on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Stephens reiterated an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research note 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 report on Thursday, May 30th. Finally, Mizuho raised their price target on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $611.36.

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.