Newport Trust Company LLC Sells 31,119 Shares of Elevance Health, Inc. (NYSE:ELV)

Newport Trust Company LLC cut its stake in Elevance Health, Inc. (NYSE:ELV) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,210,519 shares of the company’s stock after selling 31,119 shares during the quarter. Elevance Health makes up approximately 1.5% of Newport Trust Company LLC’s investment portfolio, making the stock its 13th largest holding. Newport Trust Company LLC owned approximately 0.52% of Elevance Health worth $570,832,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of ELV. Quest Partners LLC bought a new position in Elevance Health during the fourth quarter worth about $1,711,000. D.A. Davidson & CO. increased its position in Elevance Health by 1.2% during the fourth quarter. D.A. Davidson & CO. now owns 5,657 shares of the company’s stock worth $2,668,000 after acquiring an additional 69 shares during the period. Wells Fargo & Company MN increased its position in Elevance Health by 4.5% during the fourth quarter. Wells Fargo & Company MN now owns 344,466 shares of the company’s stock worth $162,436,000 after acquiring an additional 14,762 shares during the period. Mckinley Capital Management LLC increased its holdings in Elevance Health by 56.5% in the 4th quarter. Mckinley Capital Management LLC now owns 13,820 shares of the company’s stock valued at $6,517,000 after buying an additional 4,990 shares during the period. Finally, Coldstream Capital Management Inc. increased its holdings in Elevance Health by 0.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 3,471 shares of the company’s stock valued at $1,637,000 after buying an additional 23 shares during the period. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Down 1.1 %

NYSE:ELV traded down $6.09 during trading hours on Monday, reaching $541.62. The company had a trading volume of 529,653 shares, compared to its average volume of 1,020,096. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a market cap of $125.88 billion, a price-to-earnings ratio of 20.55, a P/E/G ratio of 1.21 and a beta of 0.79. The business’s 50-day simple moving average is $520.57 and its two-hundred day simple moving average is $495.37. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $547.99.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up .9% on a year-over-year basis. During the same period last year, the company earned $9.46 earnings per share. On average, equities analysts expect that Elevance Health, Inc. will post 37.26 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Activity

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ELV shares. Barclays raised their price target on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Wells Fargo & Company raised their price target on shares of Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Mizuho raised their price target on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. UBS Group raised their price target on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Finally, Truist Financial restated a “buy” rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $587.42.

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.