Spinnaker Trust Trims Holdings in Elevance Health, Inc. (NYSE:ELV)

Spinnaker Trust lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 9.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 397 shares of the company’s stock after selling 40 shares during the period. Spinnaker Trust’s holdings in Elevance Health were worth $206,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ELV. Bank & Trust Co bought a new position in shares of Elevance Health during the second quarter valued at approximately $27,000. PSI Advisors LLC bought a new position in Elevance Health in the 3rd quarter worth $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Elevance Health during the 2nd quarter valued at about $28,000. Strategic Financial Concepts LLC purchased a new position in shares of Elevance Health during the second quarter valued at about $30,000. Finally, Eastern Bank bought a new position in Elevance Health in the third quarter worth about $31,000. 89.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ELV has been the topic of several research reports. Morgan Stanley cut their price objective on Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Argus lowered Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Raymond James set a $485.00 price target on Elevance Health in a research note on Friday, October 18th. Cantor Fitzgerald lowered their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Finally, Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $539.20.

Elevance Health Stock Up 2.7 %

NYSE:ELV opened at $428.93 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market cap of $99.48 billion, a P/E ratio of 15.64, a P/E/G ratio of 1.23 and a beta of 0.85. Elevance Health, Inc. has a fifty-two week low of $397.98 and a fifty-two week high of $567.26. The firm has a 50-day simple moving average of $494.37 and a two-hundred day simple moving average of $519.32.

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

Elevance Health Announces Dividend

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

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% 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.