Greystone Financial Group LLC Reduces Position in Elevance Health, Inc. (NYSE:ELV)

Greystone Financial Group LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 10.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 16,700 shares of the company’s stock after selling 1,906 shares during the quarter. Elevance Health makes up approximately 1.8% of Greystone Financial Group LLC’s portfolio, making the stock its 24th largest holding. Greystone Financial Group LLC’s holdings in Elevance Health were worth $9,049,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bank & Trust Co bought a new position in shares of Elevance Health during the 2nd quarter valued at $27,000. Pin Oak Investment Advisors Inc. bought a new position in Elevance Health in the fourth quarter valued at about $28,000. Palisade Asset Management LLC purchased a new position in Elevance Health in the first quarter worth about $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health during the 2nd quarter valued at about $28,000. Finally, Beaird Harris Wealth Management LLC purchased a new stake in shares of Elevance Health during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock valued at $17,588,116 in the last quarter. 0.35% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ELV shares. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Stephens reissued an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a research report on Thursday. Wells Fargo & Company decreased their target price on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. JPMorgan Chase & Co. lifted their target price on Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, Bank of America restated a “neutral” rating and issued a $530.00 price target (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $604.29.

Elevance Health Price Performance

Shares of Elevance Health stock traded down $2.49 on Friday, hitting $541.91. 1,059,242 shares of the company traded hands, compared to its average volume of 1,017,658. Elevance Health, Inc. has a 52 week low of $431.38 and a 52 week high of $567.26. The business has a 50-day simple moving average of $533.79 and a 200 day simple moving average of $526.48. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a market capitalization of $125.95 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 1.22 and a beta of 0.84.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping the consensus estimate 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 quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.04 EPS. Research analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

About Elevance Health

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.