Spinnaker Trust Lowers Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Spinnaker Trust lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 15.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 490 shares of the company’s stock after selling 90 shares during the quarter. Spinnaker Trust’s holdings in Elevance Health were worth $231,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. OFI Invest Asset Management acquired a new position in Elevance Health in the 3rd quarter worth $25,000. Alaska Permanent Fund Corp acquired a new stake in shares of Elevance Health in the 4th quarter worth approximately $31,000. ORG Partners LLC acquired a new stake in Elevance Health during the fourth quarter valued at approximately $40,000. Orion Capital Management LLC acquired a new stake in Elevance Health during the third quarter valued at approximately $46,000. Finally, Milestone Investment Advisors LLC acquired a new stake in Elevance Health during the third quarter valued at approximately $51,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Down 0.4 %

Shares of ELV stock traded down $2.42 during trading hours on Friday, hitting $537.26. 700,726 shares of the company were exchanged, compared to its average volume of 1,135,198. The firm has a market cap of $124.87 billion, a P/E ratio of 20.30, a P/E/G ratio of 1.19 and a beta of 0.78. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $542.07. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The company has a 50 day simple moving average of $511.89 and a two-hundred day simple moving average of $486.40.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The firm had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $9.46 EPS. Equities analysts anticipate that Elevance Health, Inc. will post 37.24 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now owns 31,460 shares in the company, valued at $16,791,460.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ELV shares. UBS Group raised their price target on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. Mizuho lifted their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a report on Wednesday, April 10th. Barclays lifted their price target on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Wells Fargo & Company boosted their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $587.42.

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.