Newport Trust Company LLC Sells 33,408 Shares of Elevance Health, Inc. (NYSE:ELV)

Newport Trust Company LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 2.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,145,768 shares of the company’s stock after selling 33,408 shares during the period. Elevance Health makes up approximately 1.6% of Newport Trust Company LLC’s holdings, making the stock its 13th biggest position. Newport Trust Company LLC owned approximately 0.49% of Elevance Health worth $620,846,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bank & Trust Co bought a new position in Elevance Health during the second quarter valued at approximately $27,000. Opal Wealth Advisors LLC bought a new position in shares of Elevance Health during the 2nd quarter valued at $28,000. Palisade Asset Management LLC purchased a new position in shares of Elevance Health in the 1st quarter worth $28,000. Pin Oak Investment Advisors Inc. bought a new stake in shares of Elevance Health in the fourth quarter worth $28,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Elevance Health in the first quarter worth $32,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

NYSE:ELV opened at $538.00 on Friday. The stock has a 50-day moving average price of $536.11 and a 200 day moving average price of $528.84. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a 12-month low of $431.38 and a 12-month high of $567.26. The stock has a market capitalization of $125.04 billion, a P/E ratio of 20.33, a P/E/G ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping the consensus estimate of $9.99 by $0.13. The firm had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.04 earnings per share. Equities research analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the sale, the director now directly owns 9,721 shares of the company’s stock, valued at $4,926,213.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the sale, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock valued at $17,588,116 in the last ninety days. Corporate insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on ELV. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $600.00 price objective on shares of Elevance Health in a report on Tuesday, September 10th. Wells Fargo & Company reduced their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. JPMorgan Chase & Co. increased their price target on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Finally, Morgan Stanley began coverage on shares of Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elevance Health presently has a consensus rating of “Buy” and an average price target of $604.29.

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.