Fulton Bank N.A. Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

Fulton Bank N.A. lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 4.3% during the fourth quarter, Holdings Channel reports. The firm owned 1,080 shares of the company’s stock after selling 49 shares during the quarter. Fulton Bank N.A.’s holdings in Elevance Health were worth $398,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Raelipskie Partnership purchased a new position in shares of Elevance Health during the third quarter valued at approximately $26,000. PSI Advisors LLC purchased a new position in Elevance Health during the 3rd quarter valued at $27,000. Eastern Bank bought a new position in Elevance Health in the 3rd quarter worth $31,000. Dunhill Financial LLC lifted its position in shares of Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after purchasing an additional 26 shares during the period. Finally, Peterson Financial Group Inc. bought a new stake in shares of Elevance Health during the 3rd quarter valued at about $44,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now directly owns 8,423 shares in the company, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their ownership of the stock. 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 insiders.

Elevance Health Stock Down 0.5 %

Shares of Elevance Health stock opened at $381.41 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The company has a market cap of $88.46 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The company’s 50 day moving average is $391.39 and its 200 day moving average is $472.20.

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 analysts’ consensus estimates of $9.66 by ($1.29). The firm had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the business earned $8.99 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 32.96 EPS for the current year.

Elevance Health Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ELV. StockNews.com downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. TD Cowen lowered their target price on Elevance Health from $589.00 to $484.00 and set a “buy” rating for the company in a research note on Monday, October 21st. UBS Group reduced their price target on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. Stephens reissued an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Finally, Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $536.53.

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.