Independence Bank of Kentucky Grows Stock Position in Elevance Health, Inc. (NYSE:ELV)

Independence Bank of Kentucky lifted its position in Elevance Health, Inc. (NYSE:ELV) by 44.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,303 shares of the company’s stock after acquiring an additional 400 shares during the period. Independence Bank of Kentucky’s holdings in Elevance Health were worth $678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. FIL Ltd lifted its stake in shares of Elevance Health by 5.0% in the fourth quarter. FIL Ltd now owns 625,143 shares of the company’s stock worth $294,792,000 after buying an additional 30,050 shares in the last quarter. Taylor Financial Group Inc. acquired a new position in Elevance Health during the fourth quarter worth $974,000. Scarborough Advisors LLC acquired a new stake in shares of Elevance Health in the 4th quarter worth $220,000. Beacon Financial Group purchased a new position in shares of Elevance Health during the 4th quarter worth $809,000. Finally, Teachers Retirement System of The State of Kentucky boosted its position in shares of Elevance Health by 8.9% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 59,230 shares of the company’s stock valued at $27,931,000 after acquiring an additional 4,842 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Trading Up 2.0 %

Shares of Elevance Health stock opened at $501.88 on Friday. The company has a fifty day simple moving average of $531.94 and a 200-day simple moving average of $529.01. Elevance Health, Inc. has a 12-month low of $435.99 and a 12-month high of $567.26. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock has a market cap of $116.38 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 1.08 and a beta of 0.82.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.04 earnings per share. On average, equities analysts forecast that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th were paid a dividend of $1.63 per share. The ex-dividend date was Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.30%. Elevance Health’s dividend payout ratio (DPR) is 22.86%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Morgan Stanley initiated coverage on shares of Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a research note on Tuesday, October 1st. Bank of America reaffirmed a “neutral” rating and set a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Wells Fargo & Company cut their price objective on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Finally, Royal Bank of Canada boosted their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $605.07.

Insider Buying and Selling

In related news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 over the last three months. 0.35% of the stock is currently owned by company insiders.

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.