Washington Trust Bank Buys 3,314 Shares of Elevance Health, Inc. $ELV

Washington Trust Bank increased its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 10.2% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 35,821 shares of the company’s stock after purchasing an additional 3,314 shares during the period. Washington Trust Bank’s holdings in Elevance Health were worth $11,574,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ELV. Nilsine Partners LLC lifted its holdings in shares of Elevance Health by 1.5% in the third quarter. Nilsine Partners LLC now owns 1,918 shares of the company’s stock worth $620,000 after buying an additional 29 shares in the last quarter. Regatta Capital Group LLC grew its stake in Elevance Health by 3.0% during the second quarter. Regatta Capital Group LLC now owns 1,041 shares of the company’s stock valued at $405,000 after acquiring an additional 30 shares in the last quarter. HBK Sorce Advisory LLC increased its holdings in Elevance Health by 4.4% during the 3rd quarter. HBK Sorce Advisory LLC now owns 743 shares of the company’s stock worth $260,000 after acquiring an additional 31 shares during the period. Accurate Wealth Management LLC lifted its stake in Elevance Health by 4.9% in the 2nd quarter. Accurate Wealth Management LLC now owns 707 shares of the company’s stock worth $275,000 after purchasing an additional 33 shares in the last quarter. Finally, Forum Financial Management LP boosted its holdings in Elevance Health by 1.1% in the 3rd quarter. Forum Financial Management LP now owns 2,971 shares of the company’s stock valued at $960,000 after purchasing an additional 33 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $372.80 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75. The company has a fifty day moving average of $338.20 and a 200-day moving average of $328.30. The stock has a market capitalization of $82.85 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 1.92 and a beta of 0.51.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. The firm had revenue of $50.09 billion for the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period last year, the firm earned $8.37 earnings per share. Equities research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, December 5th. Elevance Health’s dividend payout ratio is currently 27.96%.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Saturday, December 13th. Weiss Ratings lowered Elevance Health from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, December 29th. Robert W. Baird upped their target price on Elevance Health from $297.00 to $340.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Cowen reiterated a “buy” rating on shares of Elevance Health in a research report on Wednesday, November 26th. Finally, Bank of America boosted their price objective on Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a report on Friday, October 10th. Thirteen research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Elevance Health has a consensus rating of “Hold” and an average target price of $400.85.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.