Burke & Herbert Bank & Trust Co. Buys 649 Shares of Elevance Health, Inc. (NYSE:ELV)

Burke & Herbert Bank & Trust Co. grew its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 62.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,689 shares of the company’s stock after buying an additional 649 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in Elevance Health were worth $915,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Bank & Trust Co bought a new position in shares of Elevance Health during the 2nd quarter valued at $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health during the 2nd quarter valued at $28,000. Palisade Asset Management LLC purchased a new stake in Elevance Health during the 1st quarter valued at $28,000. Pin Oak Investment Advisors Inc. bought a new stake in Elevance Health in the 4th quarter worth $28,000. Finally, Register Financial Advisors LLC purchased a new position in shares of Elevance Health in the first quarter valued at about $32,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Royal Bank of Canada boosted their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Baird R W raised shares of Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. TD Cowen reduced their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research report on Friday, July 19th. Finally, UBS Group raised their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday, April 19th. One investment 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Stock Up 1.1 %

ELV stock opened at $531.65 on Wednesday. The business has a 50 day moving average of $529.70 and a 200 day moving average of $520.91. The firm has a market cap of $123.57 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 1.18 and a beta of 0.84. Elevance Health, Inc. has a twelve month low of $431.38 and a twelve month high of $555.35. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion during the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company’s revenue was down .4% on a year-over-year basis. During the same period last year, the company earned $9.04 earnings per share. On average, research analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued a $1.63 dividend. The ex-dividend date is Tuesday, September 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 Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health 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 completion of the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is owned by corporate insiders.

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.