Trust Co. of Virginia VA Reduces Position in Elevance Health, Inc. (NYSE:ELV)

Trust Co. of Virginia VA reduced its holdings in Elevance Health, Inc. (NYSE:ELV) by 10.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 386 shares of the company’s stock after selling 43 shares during the period. Trust Co. of Virginia VA’s holdings in Elevance Health were worth $200,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Paralel Advisors LLC grew its position in shares of Elevance Health by 1.1% in the third quarter. Paralel Advisors LLC now owns 4,160 shares of the company’s stock valued at $1,811,000 after purchasing an additional 47 shares in the last quarter. Mutual Advisors LLC grew its holdings in Elevance Health by 24.8% in the 3rd quarter. Mutual Advisors LLC now owns 2,215 shares of the company’s stock valued at $965,000 after buying an additional 440 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of Elevance Health by 13.9% in the 3rd quarter. Bank of Nova Scotia now owns 21,895 shares of the company’s stock worth $9,533,000 after acquiring an additional 2,671 shares during the last quarter. Sherbrooke Park Advisers LLC purchased a new position in shares of Elevance Health during the 3rd quarter worth $542,000. Finally, Gotham Asset Management LLC boosted its position in shares of Elevance Health by 33.8% during the 3rd quarter. Gotham Asset Management LLC now owns 10,099 shares of the company’s stock valued at $4,397,000 after acquiring an additional 2,551 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of the business’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 transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.35% of the stock is currently owned by insiders.

Elevance Health Stock Performance

Shares of ELV stock opened at $541.86 on Friday. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $550.34. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a market cap of $125.94 billion, a P/E ratio of 20.48, a PEG ratio of 1.18 and a beta of 0.83. The firm has a fifty day moving average price of $534.36 and a 200 day moving average price of $508.85.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same quarter in the prior year, the business posted $9.46 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. Sell-side analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal 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 issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend 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%.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of analyst reports. Stephens reaffirmed an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research note on Tuesday, June 11th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. JPMorgan Chase & Co. lifted their price target on shares of Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Bank of America upped their price objective on shares of Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Finally, UBS Group lifted their target price on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. One 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $611.36.

About Elevance Health

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.