Trust Point Inc. Has $271,000 Stock Position in Elevance Health, Inc. (NYSE:ELV)

Trust Point Inc. lessened its position in Elevance Health, Inc. (NYSE:ELV) by 24.1% in the first quarter, HoldingsChannel reports. The fund owned 622 shares of the company’s stock after selling 197 shares during the quarter. Trust Point Inc.’s holdings in Elevance Health were worth $271,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ELV. Norges Bank bought a new stake in Elevance Health during the 4th quarter valued at $1,135,014,000. Wellington Management Group LLP grew its holdings in shares of Elevance Health by 42.5% during the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock valued at $2,344,556,000 after buying an additional 1,893,947 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Elevance Health by 81,726.5% during the first quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company’s stock worth $641,355,000 after acquiring an additional 1,472,712 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in shares of Elevance Health by 47.6% in the 4th quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock worth $1,189,828,000 after acquiring an additional 1,039,612 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its position in Elevance Health by 6,817.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company’s stock valued at $335,254,000 after acquiring an additional 895,658 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on ELV shares. Sanford C. Bernstein reissued an “outperform” rating on shares of Elevance Health in a report on Friday, March 28th. Argus set a $465.00 price target on Elevance Health in a report on Friday, April 25th. Baird R W cut Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $498.87.

Elevance Health Stock Performance

Shares of ELV stock opened at $375.13 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market cap of $84.75 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 0.96 and a beta of 0.60. Elevance Health, Inc. has a 52 week low of $357.45 and a 52 week high of $567.26. The firm’s 50-day simple moving average is $402.42 and its two-hundred day simple moving average is $399.76.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The company had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.82%. Elevance Health’s payout ratio is presently 26.69%.

Insider Activity

In related news, CFO Mark Kaye sold 4,588 shares of the business’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the sale, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

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.