Carret Asset Management LLC Sells 50 Shares of Elevance Health, Inc. (NYSE:ELV)

Carret Asset Management LLC lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 10.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 420 shares of the company’s stock after selling 50 shares during the quarter. Carret Asset Management LLC’s holdings in Elevance Health were worth $218,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ELV. abrdn plc raised its stake in shares of Elevance Health by 86.8% in the fourth quarter. abrdn plc now owns 278,397 shares of the company’s stock valued at $131,281,000 after buying an additional 129,364 shares during the period. Cerity Partners LLC raised its stake in Elevance Health by 21.3% in the 4th quarter. Cerity Partners LLC now owns 52,300 shares of the company’s stock valued at $24,663,000 after acquiring an additional 9,199 shares during the period. Canoe Financial LP lifted its holdings in Elevance Health by 158.1% during the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new position in Elevance Health during the fourth quarter worth about $218,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Elevance Health by 114.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after purchasing an additional 16,737 shares during the period. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

NYSE ELV opened at $530.22 on Thursday. The company has a market capitalization of $123.23 billion, a P/E ratio of 20.04, a P/E/G ratio of 1.20 and a beta of 0.84. 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 company has a fifty day moving average of $534.47 and a 200-day moving average of $509.86.

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

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Monday, June 10th. Elevance Health’s payout ratio is currently 24.64%.

Insiders Place Their Bets

In other news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ELV. Stephens reaffirmed an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a report on Tuesday, June 11th. Mizuho lifted their price target on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Wells Fargo & Company increased their price objective on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a report on Wednesday, June 12th. Finally, Barclays increased their price target 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. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $611.36.

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.