Tobam Sells 332 Shares of Elevance Health, Inc. (NYSE:ELV)

Tobam reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 76.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 102 shares of the company’s stock after selling 332 shares during the quarter. Tobam’s holdings in Elevance Health were worth $44,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. CIBC Private Wealth Group LLC grew its stake in shares of Elevance Health by 82.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company’s stock valued at $276,073,000 after purchasing an additional 326,543 shares during the last quarter. VELA Investment Management LLC lifted its holdings in Elevance Health by 101.6% in the fourth quarter. VELA Investment Management LLC now owns 2,074 shares of the company’s stock valued at $765,000 after buying an additional 1,045 shares during the period. Banque Pictet & Cie SA lifted its holdings in Elevance Health by 44.7% in the fourth quarter. Banque Pictet & Cie SA now owns 26,168 shares of the company’s stock valued at $9,653,000 after buying an additional 8,081 shares during the period. Mn Services Vermogensbeheer B.V. lifted its holdings in Elevance Health by 2.5% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 93,000 shares of the company’s stock valued at $34,308,000 after buying an additional 2,300 shares during the period. Finally, Allworth Financial LP lifted its holdings in Elevance Health by 103.9% in the fourth quarter. Allworth Financial LP now owns 2,688 shares of the company’s stock valued at $1,050,000 after buying an additional 1,370 shares during the period. 89.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ELV has been the topic of several analyst reports. Guggenheim restated a “buy” rating and issued a $518.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Sanford C. Bernstein restated an “outperform” rating on shares of Elevance Health in a report on Friday, March 28th. Wall Street Zen upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Baird R W lowered shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Finally, Truist Financial set a $500.00 target price on shares of Elevance Health and gave the stock a “buy” rating in a report on Monday, June 9th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $498.87.

Elevance Health Stock Down 0.4%

Shares of ELV stock opened at $384.49 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 1 year low of $357.45 and a 1 year high of $567.26. The firm’s fifty day moving average price is $404.71 and its two-hundred day moving average price is $400.19. The firm has a market capitalization of $86.87 billion, a P/E ratio of 15.01, a PEG ratio of 1.18 and a beta of 0.60.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The firm had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. On average, equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.69%.

Insider Activity

In other news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer now owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.29% of the company’s stock.

Elevance Health 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.