New England Capital Financial Advisors LLC Reduces Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

New England Capital Financial Advisors LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 9.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 539 shares of the company’s stock after selling 59 shares during the quarter. New England Capital Financial Advisors LLC’s holdings in Elevance Health were worth $235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Proficio Capital Partners LLC grew its stake in Elevance Health by 33.5% during the 4th quarter. Proficio Capital Partners LLC now owns 626 shares of the company’s stock valued at $231,000 after purchasing an additional 157 shares during the last quarter. Axxcess Wealth Management LLC grew its stake in Elevance Health by 48.1% during the 4th quarter. Axxcess Wealth Management LLC now owns 1,509 shares of the company’s stock valued at $557,000 after purchasing an additional 490 shares during the last quarter. Lee Danner & Bass Inc. purchased a new stake in Elevance Health during the 4th quarter valued at about $30,000. Washington Trust Bank grew its stake in Elevance Health by 0.4% during the 4th quarter. Washington Trust Bank now owns 29,472 shares of the company’s stock valued at $10,872,000 after purchasing an additional 125 shares during the last quarter. Finally, Sciencast Management LP purchased a new stake in Elevance Health during the 4th quarter valued at about $3,043,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ELV. Morgan Stanley decreased their price objective on Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a report on Friday. Argus set a $465.00 price objective on Elevance Health in a report on Friday, April 25th. Truist Financial decreased their price objective on Elevance Health from $500.00 to $440.00 and set a “buy” rating for the company in a report on Wednesday. Barclays decreased their price objective on Elevance Health from $434.00 to $358.00 and set an “overweight” rating for the company in a report on Friday. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Elevance Health in a report on Friday, March 28th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $435.93.

Insider Buying and Selling

In other news, CFO Mark Kaye sold 4,588 shares of the company’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 completion of the sale, the chief financial officer directly owned 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gail Boudreaux purchased 8,500 shares of the company’s stock in a transaction dated Friday, July 18th. The stock was bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer directly owned 151,020 shares of the company’s stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by corporate insiders.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $276.87 on Friday. The business has a 50 day simple moving average of $371.52 and a two-hundred day simple moving average of $395.81. Elevance Health, Inc. has a 12 month low of $276.41 and a 12 month high of $567.26. The stock has a market capitalization of $62.55 billion, a P/E ratio of 11.78, a PEG ratio of 0.81 and a beta of 0.60. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.43.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts’ consensus estimates of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same period in the previous year, the company earned $10.12 EPS. Elevance Health’s revenue was up 14.3% compared to the same quarter last year. As a group, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.47%. Elevance Health’s dividend payout ratio (DPR) is presently 29.11%.

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.