Kingswood Wealth Advisors LLC Lowers Stake in Elevance Health, Inc. (NYSE:ELV)

Kingswood Wealth Advisors LLC reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 20.6% in the first quarter, Holdings Channel reports. The firm owned 8,923 shares of the company’s stock after selling 2,321 shares during the period. Elevance Health accounts for approximately 0.5% of Kingswood Wealth Advisors LLC’s holdings, making the stock its 29th largest position. Kingswood Wealth Advisors LLC’s holdings in Elevance Health were worth $4,627,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Pin Oak Investment Advisors Inc. purchased a new stake in Elevance Health in the fourth quarter worth about $28,000. Alaska Permanent Fund Corp purchased a new stake in Elevance Health in the fourth quarter worth about $31,000. Beaird Harris Wealth Management LLC purchased a new stake in Elevance Health in the fourth quarter worth about $32,000. Hexagon Capital Partners LLC lifted its stake in Elevance Health by 63.0% in the fourth quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock worth $35,000 after acquiring an additional 29 shares during the period. Finally, ORG Partners LLC purchased a new stake in Elevance Health in the fourth quarter worth about $40,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Bank of America upped their price objective on shares of Elevance Health from $621.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. Wells Fargo & Company boosted their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Barclays boosted their target price on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $600.00 target price on shares of Elevance Health in a report on Wednesday, June 12th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $611.36.

Elevance Health Stock Performance

NYSE ELV traded down $1.17 during trading hours on Wednesday, reaching $534.12. The stock had a trading volume of 659,544 shares, compared to its average volume of 1,027,939. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $550.34. The stock has a fifty day moving average of $533.44 and a 200 day moving average of $507.84. The stock has a market cap of $124.14 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 1.18 and a beta of 0.83.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The business had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the prior year, the firm posted $9.46 EPS. The business’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

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.