Tobam Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

Tobam decreased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 67.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 479 shares of the company’s stock after selling 976 shares during the quarter. Tobam’s holdings in Elevance Health were worth $260,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Atria Wealth Solutions Inc. grew its stake in Elevance Health by 2.8% in the 4th quarter. Atria Wealth Solutions Inc. now owns 4,928 shares of the company’s stock worth $2,324,000 after acquiring an additional 134 shares during the period. Transcend Capital Advisors LLC grew its position in shares of Elevance Health by 4.4% during the 4th quarter. Transcend Capital Advisors LLC now owns 809 shares of the company’s stock valued at $381,000 after buying an additional 34 shares during the last quarter. Silver Oak Securities Incorporated grew its position in shares of Elevance Health by 629.7% during the 4th quarter. Silver Oak Securities Incorporated now owns 1,474 shares of the company’s stock valued at $695,000 after buying an additional 1,272 shares during the last quarter. Choreo LLC bought a new position in Elevance Health in the 4th quarter worth about $586,000. Finally, Naviter Wealth LLC boosted its holdings in shares of Elevance Health by 27.5% in the fourth quarter. Naviter Wealth LLC now owns 1,808 shares of the company’s stock valued at $853,000 after acquiring an additional 390 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,058 shares of company stock worth $17,588,116. Company insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ELV shares. Stephens reissued an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research note on Tuesday, June 11th. Robert W. Baird assumed coverage on shares of Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 price target on the stock. Wells Fargo & Company lowered their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. JPMorgan Chase & Co. increased their price target on shares of Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Finally, Barclays reduced their price target on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Elevance Health presently has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Stock Performance

NYSE ELV traded up $2.56 during trading hours on Friday, reaching $554.65. 203,818 shares of the company were exchanged, compared to its average volume of 1,011,031. Elevance Health, Inc. has a 1 year low of $431.38 and a 1 year high of $555.35. The business’s 50 day simple moving average is $531.71 and its 200-day simple moving average is $524.49. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $128.91 billion, a P/E ratio of 20.95, a P/E/G ratio of 1.18 and a beta of 0.84.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. During the same quarter in the previous year, the company earned $9.04 earnings per share. Elevance Health’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities research analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

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.