Rockland Trust Co. Boosts Stake in Elevance Health, Inc. (NYSE:ELV)

Rockland Trust Co. lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 11.4% in the second quarter, HoldingsChannel.com reports. The firm owned 507 shares of the company’s stock after acquiring an additional 52 shares during the quarter. Rockland Trust Co.’s holdings in Elevance Health were worth $275,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. Richwood Investment Advisors LLC lifted its position in Elevance Health by 0.8% in the fourth quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock valued at $1,201,000 after buying an additional 20 shares during the last quarter. Bell Investment Advisors Inc raised its stake in shares of Elevance Health by 2.1% in the 4th quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock valued at $466,000 after acquiring an additional 20 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in shares of Elevance Health by 8.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after acquiring an additional 20 shares during the last quarter. Bedel Financial Consulting Inc. boosted its position in shares of Elevance Health by 1.6% during the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after purchasing an additional 20 shares during the period. Finally, American Trust increased its holdings in Elevance Health by 2.6% in the 1st quarter. American Trust now owns 775 shares of the company’s stock valued at $402,000 after purchasing an additional 20 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In related 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 value of $154,561.80. Following the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,058 shares of company stock valued at $17,588,116. Company insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ELV. TD Cowen decreased their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research report on Friday, July 19th. Bank of America reiterated a “neutral” rating and set a $530.00 price target (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a report on Monday. Stephens reissued an “overweight” rating and issued a $615.00 target price on shares of Elevance Health in a report on Tuesday, June 11th. Finally, Robert W. Baird started coverage on Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 price target on the stock. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $604.29.

Elevance Health Price Performance

Shares of ELV stock traded down $0.91 during mid-day trading on Thursday, reaching $541.43. The stock had a trading volume of 148,941 shares, compared to its average volume of 1,031,369. Elevance Health, Inc. has a 12-month low of $431.38 and a 12-month high of $555.35. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The business has a 50-day simple moving average of $530.28 and a 200 day simple moving average of $522.79. The company has a market cap of $125.84 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 1.18 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. During the same quarter in the prior year, the firm earned $9.04 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 10th. 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.