Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Cuts Position in Elevance Health, Inc. $ELV

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its stake in Elevance Health, Inc. (NYSE:ELV) by 7.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 522 shares of the company’s stock after selling 44 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Elevance Health were worth $203,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. GAMMA Investing LLC grew its stake in Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock worth $1,475,000 after buying an additional 1,588 shares during the last quarter. Oppenheimer & Co. Inc. grew its stake in Elevance Health by 2.2% during the 1st quarter. Oppenheimer & Co. Inc. now owns 5,744 shares of the company’s stock worth $2,498,000 after buying an additional 123 shares during the last quarter. Global Assets Advisory LLC purchased a new position in Elevance Health during the 1st quarter worth $548,000. Golden State Wealth Management LLC grew its stake in Elevance Health by 129.2% during the 1st quarter. Golden State Wealth Management LLC now owns 463 shares of the company’s stock worth $202,000 after buying an additional 261 shares during the last quarter. Finally, Pure Financial Advisors LLC grew its stake in Elevance Health by 5.1% during the 1st quarter. Pure Financial Advisors LLC now owns 1,973 shares of the company’s stock worth $858,000 after buying an additional 95 shares during the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. TD Cowen boosted their target price on Elevance Health from $330.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday. Robert W. Baird dropped their price target on Elevance Health from $492.00 to $297.00 and set a “neutral” rating on the stock in a research note on Friday, July 25th. Bank of America boosted their price target on Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Cowen reiterated a “buy” rating on shares of Elevance Health in a research note on Thursday. Finally, Truist Financial set a $400.00 price target on Elevance Health in a research note on Tuesday, October 14th. Twelve research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $397.89.

Elevance Health Stock Performance

Shares of ELV stock opened at $346.36 on Friday. The stock has a market cap of $76.97 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 1.26 and a beta of 0.59. The business has a 50-day simple moving average of $326.42 and a 200-day simple moving average of $353.99. The company has a quick ratio of 1.44, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $458.75.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. The business had revenue of $50.09 billion during the quarter, compared to analysts’ expectations of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The company’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.37 EPS. On average, equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s payout ratio is 29.11%.

Insider Activity

In related news, Director Susan D. Devore acquired 1,200 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.29% of the stock is currently owned by company 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.