Bangor Savings Bank Decreases Stock Position in Elevance Health, Inc. (NYSE:ELV)

Bangor Savings Bank lowered its position in shares of Elevance Health, Inc. (NYSE:ELV) by 3.0% during the fourth quarter, HoldingsChannel reports. The firm owned 4,688 shares of the company’s stock after selling 144 shares during the period. Bangor Savings Bank’s holdings in Elevance Health were worth $1,729,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Private Advisor Group LLC lifted its holdings in Elevance Health by 7.2% in the 2nd quarter. Private Advisor Group LLC now owns 13,103 shares of the company’s stock worth $7,100,000 after buying an additional 876 shares in the last quarter. Savant Capital LLC lifted its stake in shares of Elevance Health by 29.7% in the second quarter. Savant Capital LLC now owns 6,285 shares of the company’s stock worth $3,406,000 after acquiring an additional 1,439 shares in the last quarter. Advisor OS LLC purchased a new position in Elevance Health in the second quarter valued at about $206,000. Norden Group LLC grew its stake in Elevance Health by 10.7% during the 2nd quarter. Norden Group LLC now owns 485 shares of the company’s stock valued at $263,000 after purchasing an additional 47 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Elevance Health during the 2nd quarter worth approximately $30,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In other Elevance Health news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 8,423 shares in the company, valued at $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 SEC, which is available at this hyperlink. Company insiders own 0.35% of the company’s stock.

Elevance Health Trading Up 2.1 %

Shares of NYSE:ELV opened at $379.36 on Tuesday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56. The company’s 50-day moving average price is $393.67 and its 200 day moving average price is $475.68. The company has a market cap of $87.98 billion, a PE ratio of 13.83, a P/E/G ratio of 1.15 and a beta of 0.84. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 earnings per share 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 business had revenue of $44.72 billion for the quarter, compared to the consensus estimate of $43.47 billion. During the same period last year, the firm posted $8.99 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts anticipate that Elevance Health, Inc. will post 32.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Thursday, December 5th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend was Thursday, December 5th. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. StockNews.com cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Stephens reissued an “underperform” rating on shares of Elevance Health in a research report on Friday, October 18th. Wells Fargo & Company decreased their price target on Elevance Health from $593.00 to $495.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Cantor Fitzgerald cut their price objective on Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Finally, Truist Financial decreased their target price on Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a research report on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $536.53.

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.