Bank of Marin Trims Stake in Elevance Health, Inc. (NYSE:ELV)

Bank of Marin lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 3.6% in the third quarter, HoldingsChannel.com reports. The fund owned 1,509 shares of the company’s stock after selling 56 shares during the period. Bank of Marin’s holdings in Elevance Health were worth $785,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ELV. Bank & Trust Co bought a new stake in Elevance Health during the second quarter valued at approximately $27,000. PSI Advisors LLC bought a new stake in shares of Elevance Health during the 3rd quarter worth $27,000. Opal Wealth Advisors LLC purchased a new position in Elevance Health in the second quarter worth $28,000. Strategic Financial Concepts LLC bought a new position in Elevance Health in the second quarter valued at $30,000. Finally, Eastern Bank bought a new position in Elevance Health in the third quarter valued at $31,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Trading Down 0.8 %

NYSE ELV traded down $3.32 on Friday, hitting $403.72. The company’s stock had a trading volume of 192,154 shares, compared to its average volume of 1,153,964. The firm has a market cap of $93.63 billion, a P/E ratio of 14.69, a PEG ratio of 1.22 and a beta of 0.85. Elevance Health, Inc. has a 52-week low of $397.98 and a 52-week high of $567.26. The company’s 50-day simple moving average is $478.13 and its 200 day simple moving average is $514.55. 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 announced 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 during the quarter, compared to analysts’ expectations of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $8.99 EPS. Research analysts predict that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Thursday, December 5th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Thursday, December 5th. Elevance Health’s dividend payout ratio is currently 23.77%.

Analyst Upgrades and Downgrades

ELV has been the subject of a number of research reports. Royal Bank of Canada cut their price objective on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Stephens reaffirmed an “underperform” rating on shares of Elevance Health in a research note on Friday, October 18th. UBS Group lowered their price objective on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating for the company in a report on Friday, October 18th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Bank of America reiterated a “neutral” rating and issued a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $539.20.

Insider Buying and Selling

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.35% of the stock is owned by 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.