First National Bank of Hutchinson Reduces Stake in Elevance Health, Inc. (NYSE:ELV)

First National Bank of Hutchinson lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 24.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,819 shares of the company’s stock after selling 597 shares during the period. First National Bank of Hutchinson’s holdings in Elevance Health were worth $671,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new position in shares of Elevance Health during the 3rd quarter valued at $518,000. Quest Partners LLC raised its stake in Elevance Health by 201.6% in the 3rd quarter. Quest Partners LLC now owns 2,319 shares of the company’s stock valued at $1,206,000 after acquiring an additional 1,550 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in Elevance Health by 1.8% during the third quarter. Fifth Third Wealth Advisors LLC now owns 2,206 shares of the company’s stock valued at $1,147,000 after purchasing an additional 39 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Elevance Health by 1.0% during the third quarter. PNC Financial Services Group Inc. now owns 83,994 shares of the company’s stock worth $43,677,000 after purchasing an additional 832 shares during the period. Finally, Prospera Private Wealth LLC purchased a new position in shares of Elevance Health in the third quarter worth about $52,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Elevance Health stock opened at $430.87 on Thursday. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The firm’s fifty day moving average price is $398.56 and its 200-day moving average price is $427.12. The stock has a market cap of $97.96 billion, a P/E ratio of 16.82, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. On average, equities research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 1.59%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s dividend payout ratio is currently 26.71%.

Insider Buying and Selling at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at $766,745.11. This trade represents a 19.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly owns 10,116 shares in the company, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on ELV. Wells Fargo & Company cut their price objective on shares of Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Argus raised Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target for the company in a report on Monday. Barclays lifted their price target on Elevance Health from $501.00 to $512.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Truist Financial dropped their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health has a consensus rating of “Moderate Buy” and a consensus price target of $519.81.

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.