Elevance Health, Inc. (NYSE:ELV) Shares Sold by Narwhal Capital Management

Narwhal Capital Management lowered its holdings in Elevance Health, Inc. (NYSE:ELV) by 14.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,675 shares of the company’s stock after selling 600 shares during the period. Narwhal Capital Management’s holdings in Elevance Health were worth $1,598,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Blossom Wealth Management purchased a new position in Elevance Health in the first quarter valued at about $236,000. Valmark Advisers Inc. boosted its position in shares of Elevance Health by 7.2% in the first quarter. Valmark Advisers Inc. now owns 1,496 shares of the company’s stock worth $651,000 after buying an additional 101 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Elevance Health by 2.2% in the first quarter. Oppenheimer & Co. Inc. now owns 5,744 shares of the company’s stock valued at $2,498,000 after buying an additional 123 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Elevance Health by 93.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 15,236 shares of the company’s stock valued at $6,627,000 after buying an additional 7,380 shares during the period. Finally, Continuum Advisory LLC lifted its position in Elevance Health by 10.2% during the 1st quarter. Continuum Advisory LLC now owns 918 shares of the company’s stock worth $399,000 after acquiring an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the firm’s stock in a transaction that occurred on 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 owns 18,977 shares of the company’s stock, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Down 0.5%

Shares of Elevance Health stock opened at $372.53 on Tuesday. The business has a 50-day moving average price of $397.31 and a 200 day moving average price of $399.09. Elevance Health, Inc. has a fifty-two week low of $357.45 and a fifty-two week high of $567.26. The firm has a market cap of $84.17 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.95 and a beta of 0.60. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.66.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. On average, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 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 Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.69%.

Analysts Set New Price Targets

Several brokerages have issued reports on ELV. Wall Street Zen raised shares of Elevance Health from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Barclays lowered their price target on shares of Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a report on Monday, June 2nd. Truist Financial set a $500.00 price target on shares of Elevance Health and gave the stock a “buy” rating in a research note on Monday, June 9th. Guggenheim reissued a “buy” rating and issued a $518.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $485.00 target price on shares of Elevance Health in a research report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $498.87.

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.