Alpha Omega Wealth Management LLC Sells 256 Shares of Elevance Health, Inc. (NYSE:ELV)

Alpha Omega Wealth Management LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 24.4% during the third quarter, Holdings Channel reports. The fund owned 793 shares of the company’s stock after selling 256 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Elevance Health were worth $412,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in shares of Elevance Health by 4.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 481,318 shares of the company’s stock worth $226,970,000 after buying an additional 18,740 shares during the period. Waterloo Capital L.P. bought a new stake in shares of Elevance Health during the 4th quarter worth about $217,000. Sompo Asset Management Co. Ltd. boosted its holdings in shares of Elevance Health by 17.0% during the 4th quarter. Sompo Asset Management Co. Ltd. now owns 1,580 shares of the company’s stock worth $745,000 after buying an additional 230 shares during the period. Ossiam boosted its holdings in shares of Elevance Health by 39.3% during the 4th quarter. Ossiam now owns 7,658 shares of the company’s stock worth $3,611,000 after buying an additional 2,160 shares during the period. Finally, OLD Point Trust & Financial Services N A bought a new stake in shares of Elevance Health during the 4th quarter worth about $435,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Price Performance

ELV stock traded down $6.18 during trading on Friday, reaching $492.07. 1,473,893 shares of the company were exchanged, compared to its average volume of 1,018,150. Elevance Health, Inc. has a twelve month low of $435.31 and a twelve month high of $567.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market capitalization of $114.37 billion, a price-to-earnings ratio of 18.60, a P/E/G ratio of 1.17 and a beta of 0.82. The company has a 50-day moving average of $535.87 and a two-hundred day moving average of $529.70.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. During the same period in the previous year, the firm posted $9.04 EPS. The company’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, equities analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock valued at $17,588,116 in the last ninety days. 0.35% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ELV shares. Morgan Stanley started coverage on shares of Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. TD Cowen dropped their price objective on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Royal Bank of Canada lifted their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Stephens reiterated an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a research note on Thursday, September 5th. Finally, Wells Fargo & Company dropped their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of “Buy” and an average target price of $604.29.

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.