Everence Capital Management Inc. Sells 1,500 Shares of Elevance Health, Inc. (NYSE:ELV)

Everence Capital Management Inc. trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 16.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,510 shares of the company’s stock after selling 1,500 shares during the period. Everence Capital Management Inc.’s holdings in Elevance Health were worth $2,770,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Raelipskie Partnership acquired a new position in Elevance Health during the third quarter worth $26,000. PSI Advisors LLC acquired a new position in shares of Elevance Health during the 3rd quarter worth about $27,000. Eastern Bank bought a new stake in shares of Elevance Health in the 3rd quarter valued at about $31,000. Dunhill Financial LLC lifted its stake in Elevance Health by 57.8% in the 3rd quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after purchasing an additional 26 shares during the last quarter. Finally, Peterson Financial Group Inc. acquired a new position in Elevance Health during the third quarter worth approximately $44,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ELV. StockNews.com downgraded Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Royal Bank of Canada reduced their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Truist Financial restated a “buy” rating and set a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research note on Friday, October 18th. TD Cowen decreased their price target on shares of Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Stephens restated an “underperform” rating on shares of Elevance Health in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $539.20.

Insider Buying and Selling at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the sale, the executive vice president now directly owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

Shares of ELV traded up $4.42 during trading hours on Friday, hitting $370.25. 309,480 shares of the company were exchanged, compared to its average volume of 747,038. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The company has a market cap of $85.87 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 1.15 and a beta of 0.83. The firm’s fifty day moving average is $395.50 and its 200 day moving average is $478.61.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm had revenue of $44.72 billion during the quarter, compared to the consensus estimate of $43.47 billion. During the same period in the prior year, the business earned $8.99 earnings per share. Elevance Health’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Thursday, December 5th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.76%. The ex-dividend date was Thursday, December 5th. Elevance Health’s payout ratio is presently 23.77%.

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.