Verus Financial Partners Inc. Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

Verus Financial Partners Inc. trimmed its holdings in Elevance Health, Inc. (NYSE:ELV) by 5.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,713 shares of the company’s stock after selling 95 shares during the period. Verus Financial Partners Inc.’s holdings in Elevance Health were worth $928,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ELV. Horizon Investment Services LLC raised its stake in shares of Elevance Health by 2.3% during the 2nd quarter. Horizon Investment Services LLC now owns 4,413 shares of the company’s stock valued at $2,391,000 after purchasing an additional 100 shares during the period. Kornitzer Capital Management Inc. KS increased its position in shares of Elevance Health by 3.6% during the second quarter. Kornitzer Capital Management Inc. KS now owns 3,495 shares of the company’s stock valued at $1,894,000 after buying an additional 120 shares during the period. First Business Financial Services Inc. increased its position in shares of Elevance Health by 4.0% during the second quarter. First Business Financial Services Inc. now owns 2,485 shares of the company’s stock valued at $1,347,000 after buying an additional 95 shares during the period. Hohimer Wealth Management LLC lifted its holdings in shares of Elevance Health by 210.0% in the second quarter. Hohimer Wealth Management LLC now owns 6,361 shares of the company’s stock worth $3,447,000 after buying an additional 4,309 shares in the last quarter. Finally, Unison Asset Management LLC boosted its position in shares of Elevance Health by 0.7% in the second quarter. Unison Asset Management LLC now owns 24,069 shares of the company’s stock valued at $13,042,000 after acquiring an additional 173 shares during the period. Institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the business’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 in the company, valued at $4,926,213.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of Elevance Health 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 sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. Insiders sold 35,058 shares of company stock worth $17,588,116 in the last three months. 0.35% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on ELV shares. Truist Financial increased their target price on shares of Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Robert W. Baird initiated 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 restated a “neutral” rating and issued a $530.00 target price (down from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Wells Fargo & Company cut their price objective on Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 target price on shares of Elevance Health in a research note on Monday, August 19th. 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 company’s stock. Based on data from MarketBeat.com, Elevance Health presently has a consensus rating of “Buy” and a consensus target price of $604.29.

Elevance Health Stock Performance

NYSE ELV opened at $544.47 on Friday. The company has a 50-day simple moving average of $533.77 and a two-hundred day simple moving average of $526.28. Elevance Health, Inc. has a 12-month low of $431.38 and a 12-month high of $567.26. The firm has a market cap of $126.54 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 1.22 and a beta of 0.84. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate 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%. Elevance Health’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $9.04 EPS. On average, equities analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

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

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.