Stock Yards Bank & Trust Co. Lowers Position in Elevance Health, Inc. (NYSE:ELV)

Stock Yards Bank & Trust Co. decreased its holdings in Elevance Health, Inc. (NYSE:ELV) by 7.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,350 shares of the company’s stock after selling 529 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Elevance Health were worth $3,441,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Accretive Wealth Partners LLC acquired a new position in shares of Elevance Health in the 4th quarter valued at $209,000. ING Groep NV acquired a new position in Elevance Health in the 4th quarter valued at about $1,119,000. PNC Financial Services Group Inc. raised its stake in Elevance Health by 1.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 81,298 shares of the company’s stock valued at $38,337,000 after acquiring an additional 1,226 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its position in Elevance Health by 3.7% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 1,172 shares of the company’s stock worth $553,000 after acquiring an additional 42 shares during the period. Finally, Coldstream Capital Management Inc. grew its stake in shares of Elevance Health by 0.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 3,471 shares of the company’s stock valued at $1,637,000 after purchasing an additional 23 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a report on Tuesday, September 10th. Truist Financial lifted their target price on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, July 15th. Baird R W raised shares of Elevance Health to a “strong-buy” rating in a report on Thursday, May 30th. Robert W. Baird began coverage on Elevance Health in a report on Thursday, May 30th. They issued an “outperform” rating and a $649.00 price objective on the stock. Finally, StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. One equities research 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Trading Up 0.5 %

Shares of ELV stock opened at $553.50 on Tuesday. The stock has a market cap of $128.35 billion, a P/E ratio of 20.92, a P/E/G ratio of 1.19 and a beta of 0.82. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $567.26. The business has a fifty day simple moving average of $535.65 and a 200-day simple moving average of $528.39.

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

Elevance Health Announces Dividend

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

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s 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 completion of the sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction 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 directly owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction 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 completion of the transaction, the director now owns 9,721 shares in the company, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. In the last three months, insiders sold 35,058 shares of company stock worth $17,588,116. Insiders own 0.35% of the company’s stock.

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.