Trivant Custom Portfolio Group LLC Trims Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Trivant Custom Portfolio Group LLC decreased its position in Elevance Health, Inc. (NYSE:ELV) by 2.8% in the first quarter, HoldingsChannel.com reports. The fund owned 6,324 shares of the company’s stock after selling 182 shares during the period. Elevance Health comprises approximately 2.1% of Trivant Custom Portfolio Group LLC’s investment portfolio, making the stock its 18th biggest holding. Trivant Custom Portfolio Group LLC’s holdings in Elevance Health were worth $3,279,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health in the 4th quarter worth $28,000. Alaska Permanent Fund Corp acquired a new stake in Elevance Health during the 4th quarter worth about $31,000. Beaird Harris Wealth Management LLC acquired a new stake in Elevance Health during the 4th quarter worth about $32,000. Register Financial Advisors LLC acquired a new stake in Elevance Health during the 1st quarter worth about $32,000. Finally, Hexagon Capital Partners LLC grew its position in Elevance Health by 63.0% during the 4th quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock worth $35,000 after purchasing an additional 29 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ELV. Bank of America increased their price target on Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Morgan Stanley assumed coverage on Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 target price on the stock. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Royal Bank of Canada raised their target price on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $611.36.

Elevance Health Price Performance

ELV stock traded up $6.09 during trading on Friday, hitting $541.86. The stock had a trading volume of 1,711,417 shares, compared to its average volume of 978,465. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $550.34. The stock has a market capitalization of $125.94 billion, a P/E ratio of 20.48, a PEG ratio of 1.18 and a beta of 0.83. The company’s 50-day moving average price is $534.36 and its two-hundred day moving average price is $508.85.

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

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insiders Place Their Bets

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.35% of the company’s stock.

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.