Heritage Financial Services LLC Sells 23 Shares of Elevance Health, Inc. (NYSE:ELV)

Heritage Financial Services LLC decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 4.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 442 shares of the company’s stock after selling 23 shares during the quarter. Heritage Financial Services LLC’s holdings in Elevance Health were worth $240,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ELV. Bank & Trust Co purchased a new position in shares of Elevance Health during the second quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health during the 4th quarter worth $28,000. Palisade Asset Management LLC bought a new stake in Elevance Health during the 1st quarter valued at $28,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health during the 2nd quarter valued at $28,000. Finally, Alaska Permanent Fund Corp bought a new position in shares of Elevance Health during the 4th quarter worth $31,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of research reports. Morgan Stanley began coverage on shares of Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 price objective for the company. Bank of America reissued a “neutral” rating and issued a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Mizuho increased their target price on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. boosted their price target on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Finally, Royal Bank of Canada raised their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $604.29.

Elevance Health Stock Performance

Shares of NYSE:ELV traded up $0.98 on Thursday, hitting $543.32. 545,015 shares of the company were exchanged, compared to its average volume of 1,033,814. The firm has a market capitalization of $126.28 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 1.18 and a beta of 0.84. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a 1-year low of $431.38 and a 1-year high of $555.35. The stock’s 50 day moving average price is $530.28 and its 200 day moving average price is $522.79.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm’s revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.04 EPS. Sell-side analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.20%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is owned by insiders.

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.