Cullen Frost Bankers Inc. Sells 213 Shares of Elevance Health, Inc. (NYSE:ELV)

Cullen Frost Bankers Inc. decreased its position in Elevance Health, Inc. (NYSE:ELV) by 1.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,223 shares of the company’s stock after selling 213 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Elevance Health were worth $10,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Washington Capital Management Inc. purchased a new stake in Elevance Health during the third quarter valued at approximately $272,000. Chicago Partners Investment Group LLC purchased a new stake in Elevance Health during the 3rd quarter valued at $220,000. Park Avenue Securities LLC bought a new stake in Elevance Health in the third quarter worth $3,281,000. Catalyst Financial Partners LLC boosted its stake in Elevance Health by 12.4% during the third quarter. Catalyst Financial Partners LLC now owns 662 shares of the company’s stock worth $288,000 after buying an additional 73 shares during the period. Finally, Rockland Trust Co. bought a new position in Elevance Health during the third quarter valued at $211,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on ELV. Truist Financial reaffirmed a “buy” rating and set a $600.00 price target (up from $580.00) on shares of Elevance Health in a research note on Friday, April 19th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Wells Fargo & Company boosted their price objective on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Mizuho increased their target price on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, Jefferies Financial Group lifted their target price on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $587.42.

Insider Transactions at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Stock Down 0.5 %

Elevance Health stock traded down $2.82 during midday trading on Wednesday, hitting $533.35. 776,999 shares of the company’s stock were exchanged, compared to its average volume of 1,042,833. 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 market cap of $123.96 billion, a PE ratio of 20.16, a P/E/G ratio of 1.16 and a beta of 0.79. The firm has a 50-day moving average of $514.57 and a two-hundred day moving average of $490.26. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $542.07.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping the consensus estimate of $10.54 by $0.10. The firm had revenue of $42.27 billion during the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $9.46 EPS. As a group, analysts expect that Elevance Health, Inc. will post 37.26 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

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 $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s payout ratio is 24.64%.

Elevance Health Company 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.