Washington Trust Bank Sells 806 Shares of Elevance Health, Inc. (NYSE:ELV)

Washington Trust Bank cut its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 2.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,347 shares of the company’s stock after selling 806 shares during the quarter. Elevance Health accounts for about 1.5% of Washington Trust Bank’s portfolio, making the stock its 23rd largest position. Washington Trust Bank’s holdings in Elevance Health were worth $15,260,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Principal Financial Group Inc. grew its holdings in shares of Elevance Health by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,649 shares of the company’s stock valued at $141,777,000 after purchasing an additional 11,646 shares during the last quarter. Malaga Cove Capital LLC grew its holdings in shares of Elevance Health by 0.6% during the 3rd quarter. Malaga Cove Capital LLC now owns 4,831 shares of the company’s stock valued at $2,512,000 after purchasing an additional 28 shares during the last quarter. Financial Enhancement Group LLC grew its holdings in shares of Elevance Health by 22.3% during the 3rd quarter. Financial Enhancement Group LLC now owns 834 shares of the company’s stock valued at $434,000 after purchasing an additional 152 shares during the last quarter. Graypoint LLC grew its holdings in shares of Elevance Health by 10.3% during the 3rd quarter. Graypoint LLC now owns 2,731 shares of the company’s stock valued at $1,420,000 after purchasing an additional 256 shares during the last quarter. Finally, Forte Capital LLC ADV grew its holdings in Elevance Health by 46.0% during the 3rd quarter. Forte Capital LLC ADV now owns 663 shares of the company’s stock worth $345,000 after acquiring an additional 209 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $432.14, for a total transaction of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Stock Up 0.0 %

Elevance Health stock opened at $429.06 on Thursday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. Elevance Health, Inc. has a 12-month low of $397.98 and a 12-month high of $567.26. The firm’s fifty day moving average is $494.37 and its 200 day moving average is $519.32. The company has a market capitalization of $99.51 billion, a PE ratio of 15.64, a PEG ratio of 1.23 and a beta of 0.85.

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

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend 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%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. UBS Group reduced their target price on shares of Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, October 18th. Stephens reissued an “underperform” rating on shares of Elevance Health 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. Raymond James set a $485.00 target price on shares of Elevance Health in a report on Friday, October 18th. Finally, Royal Bank of Canada reduced their price objective on shares of Elevance Health from $585.00 to $478.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $539.20.

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.