Valley Wealth Managers Inc. Cuts Position in Elevance Health, Inc. (NYSE:ELV)

Valley Wealth Managers Inc. cut its stake in Elevance Health, Inc. (NYSE:ELV) by 6.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,451 shares of the company’s stock after selling 2,502 shares during the quarter. Elevance Health comprises about 1.6% of Valley Wealth Managers Inc.’s portfolio, making the stock its 18th biggest position. Valley Wealth Managers Inc.’s holdings in Elevance Health were worth $20,293,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Accretive Wealth Partners LLC acquired a new stake in shares of Elevance Health in the 4th quarter worth $209,000. Avantax Advisory Services Inc. lifted its position in Elevance Health by 15.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 5,562 shares of the company’s stock worth $2,623,000 after acquiring an additional 742 shares during the period. Quadrant Capital Group LLC lifted its position in Elevance Health by 10.6% during the 4th quarter. Quadrant Capital Group LLC now owns 2,250 shares of the company’s stock worth $1,061,000 after acquiring an additional 215 shares during the period. Sound View Wealth Advisors Group LLC lifted its position in Elevance Health by 5.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 1,204 shares of the company’s stock worth $568,000 after acquiring an additional 63 shares during the period. Finally, Haverford Trust Co lifted its position in Elevance Health by 1.0% during the 4th quarter. Haverford Trust Co now owns 3,394 shares of the company’s stock worth $1,600,000 after acquiring an additional 35 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

NYSE:ELV opened at $545.78 on Friday. The firm has a market capitalization of $126.85 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The business’s fifty day moving average price is $534.70 and its 200 day moving average price is $527.40. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. Elevance Health, Inc. has a 12 month low of $431.38 and a 12 month high of $567.26.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. Elevance Health’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.04 earnings per share. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.19%. Elevance Health’s dividend payout ratio is presently 24.64%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research note on Tuesday. Robert W. Baird started coverage on Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective for the company. Bank of America reiterated a “neutral” rating and set a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Finally, Stephens reiterated an “overweight” rating and set a $615.00 price objective on shares of Elevance Health in a research note on Thursday, September 5th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $604.29.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock worth $17,588,116 over the last 90 days. Corporate insiders own 0.35% of the company’s stock.

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.