McElhenny Sheffield Capital Management LLC Has $860,000 Stake in Elevance Health, Inc. (NYSE:ELV)

McElhenny Sheffield Capital Management LLC trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 3.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,587 shares of the company’s stock after selling 62 shares during the period. Elevance Health accounts for approximately 0.3% of McElhenny Sheffield Capital Management LLC’s investment portfolio, making the stock its 22nd biggest position. McElhenny Sheffield Capital Management LLC’s holdings in Elevance Health were worth $860,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Elevance Health in the fourth quarter valued at about $1,347,434,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Elevance Health in the fourth quarter valued at about $467,141,000. Canoe Financial LP boosted its position in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after acquiring an additional 517,116 shares during the period. Morningstar Investment Services LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at about $239,244,000. Finally, Focused Investors Fund L P bought a new stake in shares of Elevance Health in the first quarter valued at about $249,884,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Up 1.0 %

Shares of ELV traded up $5.38 during trading hours on Thursday, reaching $526.52. The stock had a trading volume of 610,495 shares, compared to its average volume of 1,057,191. Elevance Health, Inc. has a 12 month low of $431.38 and a 12 month high of $555.35. The firm has a 50-day simple moving average of $530.34 and a 200 day simple moving average of $519.17. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $122.37 billion, a price-to-earnings ratio of 19.90, a P/E/G ratio of 1.18 and a beta of 0.84.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The business had revenue of $43.22 billion during 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 quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.04 EPS. Equities research analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio is presently 24.64%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Royal Bank of Canada boosted their target price on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Mizuho upped their price objective on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. Bank of America reaffirmed 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. Finally, Truist Financial upped their price objective on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $604.29.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, 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 SEC, which is available at this hyperlink. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was 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 in the company, valued at approximately $63,478,674.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 in the last ninety days. 0.35% of the stock is currently 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.