First County Bank CT Acquires Shares of 787 Elevance Health, Inc. (NYSE:ELV)

First County Bank CT bought a new position in shares of Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, Holdings Channel reports. The fund bought 787 shares of the company’s stock, valued at approximately $290,000.

A number of other institutional investors also recently modified their holdings of the business. Diversified Trust Co boosted its holdings in Elevance Health by 13.7% in the 4th quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock valued at $8,328,000 after purchasing an additional 2,725 shares during the period. Fortem Financial Group LLC grew its position in Elevance Health by 1.9% during the fourth quarter. Fortem Financial Group LLC now owns 2,355 shares of the company’s stock worth $869,000 after buying an additional 44 shares in the last quarter. Pensionfund Sabic increased its stake in Elevance Health by 59.0% during the 4th quarter. Pensionfund Sabic now owns 4,850 shares of the company’s stock worth $1,789,000 after acquiring an additional 1,800 shares during the period. Principal Financial Group Inc. raised its holdings in Elevance Health by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 272,649 shares of the company’s stock valued at $141,777,000 after acquiring an additional 11,646 shares in the last quarter. Finally, Brass Tax Wealth Management Inc. lifted its position in shares of Elevance Health by 44.1% during the 3rd quarter. Brass Tax Wealth Management Inc. now owns 640 shares of the company’s stock valued at $333,000 after acquiring an additional 196 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Elevance Health stock opened at $380.47 on Wednesday. The business has a 50 day moving average of $393.06 and a 200-day moving average of $474.59. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The company has a market capitalization of $88.24 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.15 and a beta of 0.84.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the previous year, the business posted $8.99 EPS. Elevance Health’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts predict that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Thursday, December 5th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.71%. Elevance Health’s dividend payout ratio (DPR) is presently 23.77%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ELV shares. Royal Bank of Canada dropped their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Raymond James set a $485.00 target price on shares of Elevance Health in a research report on Friday, October 18th. Morgan Stanley reduced their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. TD Cowen reduced their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Finally, Wells Fargo & Company dropped their price objective on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Elevance Health has an average rating of “Moderate Buy” and a consensus target price of $536.53.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.35% of the company’s stock.

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.