Washington Trust Bank Sells 806 Shares of Elevance Health, Inc. (NYSE:ELV)

Washington Trust Bank lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 2.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,347 shares of the company’s stock after selling 806 shares during the quarter. Elevance Health comprises approximately 1.5% of Washington Trust Bank’s portfolio, making the stock its 23rd biggest holding. Washington Trust Bank’s holdings in Elevance Health were worth $15,260,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ELV. Bedel Financial Consulting Inc. grew its holdings in shares of Elevance Health by 1.6% in the first quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock worth $647,000 after purchasing an additional 20 shares during the last quarter. American Trust grew its holdings in shares of Elevance Health by 2.6% in the first quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after purchasing an additional 20 shares during the last quarter. Private Ocean LLC grew its holdings in shares of Elevance Health by 6.7% in the second quarter. Private Ocean LLC now owns 348 shares of the company’s stock worth $189,000 after purchasing an additional 22 shares during the last quarter. Hurlow Wealth Management Group Inc. grew its holdings in shares of Elevance Health by 1.9% in the second quarter. Hurlow Wealth Management Group Inc. now owns 1,229 shares of the company’s stock worth $666,000 after purchasing an additional 23 shares during the last quarter. Finally, Cypress Wealth Services LLC grew its holdings in shares of Elevance Health by 3.5% in the third quarter. Cypress Wealth Services LLC now owns 679 shares of the company’s stock worth $353,000 after purchasing an additional 23 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

ELV has been the subject of a number of recent analyst reports. Truist Financial reissued a “buy” rating and issued a $520.00 target price (down previously from $620.00) on shares of Elevance Health in a research report on Friday, October 18th. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Royal Bank of Canada decreased their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Barclays decreased their target price on Elevance Health from $622.00 to $501.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Morgan Stanley decreased their target price on Elevance Health from $643.00 to $551.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average price target of $539.20.

Elevance Health Stock Up 0.0 %

NYSE ELV opened at $429.06 on Thursday. The stock’s 50 day moving average is $494.37 and its 200 day moving average is $519.32. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The stock has a market cap of $99.51 billion, a PE ratio of 15.64, a P/E/G ratio of 1.23 and a beta of 0.85.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The firm had revenue of $44.72 billion for the quarter, compared to analysts’ expectations of $43.47 billion. During the same period last year, the company earned $8.99 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. Research analysts predict that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.52%. Elevance Health’s payout ratio is presently 23.77%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at $3,639,915.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

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.