Spinnaker Trust Sells 90 Shares of Elevance Health, Inc. (NYSE:ELV)

Spinnaker Trust cut its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 15.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 490 shares of the company’s stock after selling 90 shares during the quarter. Spinnaker Trust’s holdings in Elevance Health were worth $231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of ELV. OFI Invest Asset Management purchased a new position in shares of Elevance Health during the third quarter worth approximately $25,000. Alaska Permanent Fund Corp purchased a new position in shares of Elevance Health during the fourth quarter worth approximately $31,000. ORG Partners LLC purchased a new position in shares of Elevance Health during the fourth quarter worth approximately $40,000. Orion Capital Management LLC purchased a new position in shares of Elevance Health during the third quarter worth approximately $46,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Elevance Health during the third quarter worth approximately $51,000. 89.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction 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 $16,791,460.40. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV traded down $2.42 on Friday, reaching $537.26. 700,726 shares of the stock were exchanged, compared to its average volume of 1,135,198. Elevance Health, Inc. has a one year low of $412.00 and a one year high of $542.07. The firm has a market capitalization of $124.87 billion, a PE ratio of 20.30, a PEG ratio of 1.19 and a beta of 0.78. The company’s 50-day simple moving average is $511.89 and its two-hundred day simple moving average is $486.40. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last released its earnings results on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. During the same quarter last year, the business earned $9.46 EPS. The firm’s revenue was up .9% compared to the same quarter last year. Analysts expect that Elevance Health, Inc. will post 37.24 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Wall Street Analysts Forecast Growth

ELV has been the topic of several analyst reports. Barclays lifted their target price on shares of Elevance Health from $584.00 to $621.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. UBS Group lifted their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Royal Bank of Canada lifted their target price on shares of Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. Wells Fargo & Company lifted their target price on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Finally, StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average target price of $587.42.

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.