Elevance Health, Inc. (NYSE:ELV) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC trimmed its holdings in Elevance Health, Inc. (NYSE:ELV) by 0.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 11,900 shares of the company’s stock after selling 100 shares during the quarter. Cornerstone Advisors LLC’s holdings in Elevance Health were worth $6,448,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ELV. Bank & Trust Co acquired a new stake in shares of Elevance Health in the second quarter valued at about $27,000. Pin Oak Investment Advisors Inc. acquired a new stake in Elevance Health during the fourth quarter worth about $28,000. Palisade Asset Management LLC acquired a new stake in Elevance Health during the first quarter worth about $28,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health during the second quarter worth about $28,000. Finally, Strategic Financial Concepts LLC acquired a new stake in Elevance Health during the second quarter worth about $30,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research report on Tuesday, September 10th. Royal Bank of Canada raised their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Truist Financial increased their target price on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Finally, TD Cowen lowered their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. One equities research 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $604.29.

Insider Activity 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 sale, the director now 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 can be accessed through this hyperlink. In other news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health 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 transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction 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 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. Insiders have sold a total of 35,058 shares of company stock valued at $17,588,116 over the last 90 days. 0.35% of the stock is owned by corporate insiders.

Elevance Health Trading Up 0.9 %

NYSE ELV opened at $550.84 on Monday. The firm has a 50 day simple moving average of $535.11 and a 200-day simple moving average of $528.02. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $567.26. The firm has a market cap of $127.73 billion, a price-to-earnings ratio of 20.82, a PEG ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last issued its 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 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 firm’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $9.04 earnings per share. Equities research analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

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 issued a $1.63 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.18%. Elevance Health’s dividend payout ratio (DPR) 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.