Spinnaker Trust Sells 40 Shares of Elevance Health, Inc. (NYSE:ELV)

Spinnaker Trust lowered its position in Elevance Health, Inc. (NYSE:ELV) by 9.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 397 shares of the company’s stock after selling 40 shares during the quarter. Spinnaker Trust’s holdings in Elevance Health were worth $206,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank & Trust Co bought a new stake in shares of Elevance Health in the second quarter valued at approximately $27,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health during the 2nd quarter valued at $28,000. PSI Advisors LLC purchased a new stake in shares of Elevance Health during the third quarter worth $27,000. Eastern Bank bought a new position in shares of Elevance Health in the third quarter worth $31,000. Finally, Crewe Advisors LLC purchased a new position in shares of Elevance Health in the first quarter valued at $40,000. 89.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. UBS Group dropped their price objective on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Mizuho lowered their price target on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating on the stock in a report on Tuesday. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday. Morgan Stanley decreased their target price on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Finally, Bank of America reissued a “neutral” rating and issued a $530.00 price target (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $539.20.

Insider Activity

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $428.93 on Thursday. The business’s 50-day moving average price is $494.37 and its 200-day moving average price is $519.32. The firm has a market capitalization of $99.48 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 1.23 and a beta of 0.85. Elevance Health, Inc. has a 12 month low of $397.98 and a 12 month high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). The business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $8.99 earnings per share. Sell-side analysts forecast that Elevance Health, Inc. will post 32.93 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, December 5th. This represents a $6.52 annualized dividend and a yield of 1.52%. Elevance Health’s payout ratio is 23.77%.

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.