Elevance Health, Inc. (NYSE:ELV) Stake Cut by Amalgamated Bank

Amalgamated Bank reduced its holdings in Elevance Health, Inc. (NYSE:ELV) by 3.4% in the 2nd quarter, Holdings Channel reports. The fund owned 47,370 shares of the company’s stock after selling 1,681 shares during the period. Amalgamated Bank’s holdings in Elevance Health were worth $25,668,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bank & Trust Co purchased a new stake in Elevance Health in the 2nd quarter worth about $27,000. Pin Oak Investment Advisors Inc. purchased a new stake in Elevance Health in the 4th quarter worth about $28,000. Palisade Asset Management LLC purchased a new stake in shares of Elevance Health during the 1st quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of Elevance Health during the 2nd quarter worth about $28,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health during the 2nd quarter worth about $30,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The transaction was disclosed in a 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 firm’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock worth $17,588,116 in the last 90 days. 0.35% of the stock is owned by company insiders.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $543.25 on Wednesday. Elevance Health, Inc. has a 1-year low of $431.38 and a 1-year high of $567.26. The firm has a market capitalization of $126.26 billion, a PE ratio of 20.53, a PEG ratio of 1.19 and a beta of 0.82. The business’s 50 day moving average is $535.93 and its 200-day moving average is $528.70. 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 (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. During the same quarter last year, the firm earned $9.04 EPS. Elevance Health’s revenue for the quarter was down .4% compared to the same quarter last year. Sell-side analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

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

Analysts Set New Price Targets

ELV has been the subject of a number of recent research reports. TD Cowen cut their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Morgan Stanley initiated coverage on Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 price target for the company. Truist Financial raised their price target on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Wells Fargo & Company cut their price target on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Finally, Robert W. Baird initiated coverage on Elevance Health in a report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective on the stock. 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 MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $604.29.

About Elevance Health

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.