Elevance Health, Inc. (NYSE:ELV) Stake Cut by FORVIS Wealth Advisors LLC

FORVIS Wealth Advisors LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 3.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,276 shares of the company’s stock after selling 314 shares during the quarter. FORVIS Wealth Advisors LLC’s holdings in Elevance Health were worth $4,291,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Elevance Health in the 4th quarter valued at approximately $1,347,434,000. Massachusetts Financial Services Co. MA acquired a new stake in Elevance Health in the fourth quarter valued at approximately $467,141,000. Canoe Financial LP grew its position in Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after acquiring an additional 517,116 shares in the last quarter. Morningstar Investment Services LLC acquired a new position in shares of Elevance Health during the 4th quarter worth $239,244,000. Finally, International Assets Investment Management LLC raised its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Jefferies Financial Group increased their target price on shares of Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. JPMorgan Chase & Co. boosted their target price on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Royal Bank of Canada increased their price target on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, April 19th. UBS Group boosted their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Finally, Bank of America upped their price objective on shares of Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $611.36.

Elevance Health Stock Performance

ELV traded down $5.53 on Thursday, hitting $530.39. 656,207 shares of the stock traded hands, compared to its average volume of 818,063. The business has a fifty day moving average price of $534.40 and a two-hundred day moving average price of $510.00. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $123.27 billion, a PE ratio of 20.04, a P/E/G ratio of 1.18 and a beta of 0.84. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $550.34.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period in the prior year, the company posted $9.46 earnings per share. Elevance Health’s revenue was up .9% on a year-over-year basis. On average, research analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were paid a $1.63 dividend. The ex-dividend date of this dividend was Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. Elevance Health’s payout ratio is currently 24.64%.

Insider Buying and Selling

In related news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.29% 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.