First Foundation Advisors Has $660,000 Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

First Foundation Advisors lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 19.4% in the first quarter, Holdings Channel.com reports. The firm owned 1,273 shares of the company’s stock after selling 307 shares during the period. First Foundation Advisors’ holdings in Elevance Health were worth $660,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. acquired a new position in Elevance Health during the 4th quarter valued at about $28,000. Palisade Asset Management LLC acquired a new position in Elevance Health during the 1st quarter valued at about $28,000. Alaska Permanent Fund Corp acquired a new position in Elevance Health during the 4th quarter valued at about $31,000. Beaird Harris Wealth Management LLC acquired a new position in Elevance Health during the 4th quarter valued at about $32,000. Finally, Register Financial Advisors LLC purchased a new position in shares of Elevance Health in the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity

In other news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction on 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 completion of the transaction, the executive vice president now directly 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 can be accessed through the SEC website. Company insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

ELV has been the topic of a number of research analyst reports. Mizuho boosted their target price on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 target price on shares of Elevance Health in a research note on Wednesday, July 10th. 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 research note on Thursday, May 30th. Stephens restated an “overweight” rating and issued a $615.00 target price on shares of Elevance Health in a research note on Tuesday, June 11th. Finally, Baird R W upgraded Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health presently has a consensus rating of “Buy” and a consensus target price of $604.79.

Elevance Health Stock Performance

ELV stock traded down $4.60 during midday trading on Friday, reaching $500.12. 1,290,483 shares of the company’s stock traded hands, compared to its average volume of 1,179,336. The company has a 50-day moving average price of $533.12 and a two-hundred day moving average price of $515.00. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.37 and a current ratio of 1.49. Elevance Health, Inc. has a 52 week low of $431.38 and a 52 week high of $555.35. The firm has a market capitalization of $115.97 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 1.10 and a beta of 0.84.

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

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.30%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

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.