Elevance Health, Inc. $ELV Stock: TrinityBridge Ltd Reduces Holdings

TrinityBridge Ltd decreased its position in Elevance Health, Inc. (NYSE:ELV) by 30.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,843 shares of the company’s stock after selling 1,243 shares during the quarter. TrinityBridge Ltd’s holdings in Elevance Health were worth $1,106,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Activest Wealth Management grew its stake in shares of Elevance Health by 146.2% in the third quarter. Activest Wealth Management now owns 64 shares of the company’s stock valued at $25,000 after buying an additional 38 shares in the last quarter. WealthCollab LLC lifted its stake in Elevance Health by 42.2% during the 1st quarter. WealthCollab LLC now owns 91 shares of the company’s stock worth $27,000 after acquiring an additional 27 shares in the last quarter. Kilter Group LLC acquired a new position in Elevance Health during the 2nd quarter worth about $28,000. Main Street Group LTD purchased a new position in Elevance Health during the 1st quarter valued at about $39,000. Finally, Elevation Wealth Partners LLC boosted its holdings in Elevance Health by 600.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 105 shares of the company’s stock valued at $41,000 after acquiring an additional 90 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 0.1%

NYSE:ELV opened at $413.11 on Wednesday. The firm has a market cap of $89.26 billion, a PE ratio of 17.62, a price-to-earnings-growth ratio of 1.97 and a beta of 0.63. The stock has a fifty day moving average price of $411.08 and a 200 day moving average price of $372.73. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $450.69. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, October 21st. The company reported $6.99 EPS for the quarter, topping the consensus estimate of $4.71 by $2.28. Elevance Health had a return on equity of 14.97% and a net margin of 2.55%. The firm had revenue of $50.44 billion during the quarter, compared to analysts’ expectations of $49.28 billion. During the same period in the previous year, the firm posted $6.03 EPS. Elevance Health’s revenue for the quarter was up .7% on a year-over-year basis. Sell-side analysts anticipate that Elevance Health, Inc. will post 29.18 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be given a dividend of $1.72 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s payout ratio is currently 29.34%.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 10,584 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the sale, the chief financial officer directly owned 19,919 shares in the company, valued at approximately $8,766,949.47. This represents a 34.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of several research reports. Wells Fargo & Company lifted their target price on Elevance Health from $473.00 to $492.00 and gave the company an “overweight” rating in a research report on Tuesday, October 27th. Wall Street Zen cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Royal Bank Of Canada raised their price objective on shares of Elevance Health from $424.00 to $455.00 and gave the company a “sector perform” rating in a research note on Thursday, October 22nd. TD Cowen raised their price objective on shares of Elevance Health from $465.00 to $495.00 and gave the company a “buy” rating in a research note on Friday, October 23rd. Finally, Raymond James Financial set a $450.00 price objective on shares of Elevance Health in a report on Tuesday, July 7th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $456.48.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.