First Hawaiian Bank reduced its position in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) by 2.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,593 shares of the company’s stock after selling 195 shares during the quarter. First Hawaiian Bank’s holdings in Elevance Health were worth $3,419,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Norges Bank bought a new stake in Elevance Health during the 4th quarter valued at $1,347,434,000. Massachusetts Financial Services Co. MA purchased a new position in Elevance Health during the 4th quarter valued at $467,141,000. Canoe Financial LP increased its position in Elevance Health by 158.1% during the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares during the period. Morningstar Investment Services LLC purchased a new position in Elevance Health during the 4th quarter valued at $239,244,000. Finally, International Assets Investment Management LLC increased its position in Elevance Health by 45,888.1% during the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after purchasing an additional 255,138 shares during the period. 89.24% of the stock is currently owned by institutional investors.
Elevance Health Stock Performance
Shares of Elevance Health stock opened at $527.31 on Thursday. The stock has a market cap of $122.56 billion, a price-to-earnings ratio of 19.93, a PEG ratio of 1.17 and a beta of 0.83. The firm’s 50-day moving average is $530.65 and its 200 day moving average is $506.05. Elevance Health, Inc. has a 1 year low of $412.00 and a 1 year high of $550.34. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37.
Elevance Health Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.24%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.
Analysts Set New Price Targets
A number of research analysts have issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research report on Wednesday, June 12th. Truist Financial reaffirmed a “buy” rating and issued a $600.00 target price (up from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Finally, Barclays upped their target price on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $607.36.
Check Out Our Latest Stock Analysis on Elevance Health
Insider Buying and Selling at Elevance Health
In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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.
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