Graypoint LLC Cuts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Graypoint LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 42.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,570 shares of the company’s stock after selling 1,161 shares during the quarter. Graypoint LLC’s holdings in Elevance Health were worth $579,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. ST Germain D J Co. Inc. lifted its holdings in Elevance Health by 56.3% during the fourth quarter. ST Germain D J Co. Inc. now owns 1,322 shares of the company’s stock valued at $488,000 after purchasing an additional 476 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Elevance Health by 3.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 21,166 shares of the company’s stock valued at $7,808,000 after buying an additional 739 shares in the last quarter. InvesTrust acquired a new stake in Elevance Health in the 4th quarter worth about $649,000. First County Bank CT purchased a new stake in Elevance Health during the 4th quarter worth approximately $290,000. Finally, Diversified Trust Co raised its holdings in shares of Elevance Health by 13.7% during the fourth quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock valued at $8,328,000 after acquiring an additional 2,725 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on ELV. 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 report on Friday, October 18th. Wells Fargo & Company decreased their price target on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Truist Financial dropped their price objective on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Cantor Fitzgerald decreased their target price on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Finally, Raymond James set a $485.00 price target on Elevance Health in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus target price of $536.53.

Elevance Health Stock Down 0.5 %

Shares of ELV opened at $381.41 on Friday. The company’s 50-day moving average price is $391.39 and its 200 day moving average price is $471.76. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm has a market cap of $88.46 billion, a P/E ratio of 13.90, a price-to-earnings-growth 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 analysts’ consensus estimates of $9.66 by ($1.29). The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Elevance Health’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $8.99 earnings per share. On average, sell-side analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company 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. The ex-dividend date was Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.71%. Elevance Health’s payout ratio is presently 23.77%.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.35% of the company’s stock.

Elevance Health 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.