Main Street Group LTD Sells 267 Shares of Elevance Health, Inc. (NYSE:ELV)

Main Street Group LTD trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 48.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 280 shares of the company’s stock after selling 267 shares during the quarter. Main Street Group LTD’s holdings in Elevance Health were worth $150,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank & Trust Co acquired a new stake in shares of Elevance Health in the second quarter valued at approximately $27,000. Pin Oak Investment Advisors Inc. bought a new stake in shares of Elevance Health during the 4th quarter valued at $28,000. Palisade Asset Management LLC acquired a new stake in shares of Elevance Health during the 1st quarter worth $28,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health in the second quarter worth $28,000. Finally, Beaird Harris Wealth Management LLC acquired a new position in Elevance Health in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction that occurred 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 owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was 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 $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 worth $17,588,116 in the last 90 days. Corporate insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ELV shares. JPMorgan Chase & Co. boosted their target price on shares of Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Bank of America reaffirmed a “neutral” rating and issued a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Stephens reissued an “overweight” rating and set a $615.00 price target on shares of Elevance Health in a report on Thursday. Morgan Stanley began coverage on Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective on the stock. Finally, Truist Financial boosted their target price on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $604.29.

Elevance Health Trading Down 0.5 %

NYSE ELV traded down $2.49 on Friday, reaching $541.91. The company had a trading volume of 1,059,242 shares, compared to its average volume of 1,017,658. The firm has a market cap of $125.95 billion, a price-to-earnings ratio of 20.48, a P/E/G ratio of 1.22 and a beta of 0.84. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26. The business has a 50 day moving average of $533.79 and a two-hundred day moving average of $526.48. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

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

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio is 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.