Trust Asset Management LLC Trims Stock Position in Elevance Health, Inc. (NYSE:ELV)

Trust Asset Management LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 5.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,711 shares of the company’s stock after selling 160 shares during the quarter. Trust Asset Management LLC’s holdings in Elevance Health were worth $1,278,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Elevance Health during the third quarter worth about $25,000. Alaska Permanent Fund Corp purchased a new position in Elevance Health during the fourth quarter worth about $31,000. ORG Partners LLC purchased a new position in Elevance Health during the fourth quarter worth about $40,000. Orion Capital Management LLC purchased a new position in Elevance Health during the third quarter worth about $46,000. Finally, Milestone Investment Advisors LLC acquired a new stake in Elevance Health during the third quarter worth about $51,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Up 1.1 %

NYSE ELV traded up $5.97 during mid-day trading on Thursday, reaching $539.70. 1,066,967 shares of the company’s stock traded hands, compared to its average volume of 1,064,400. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $542.07. The company has a fifty day simple moving average of $511.40 and a 200-day simple moving average of $485.81. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a market cap of $125.44 billion, a price-to-earnings ratio of 20.40, a P/E/G ratio of 1.18 and a beta of 0.78.

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

Elevance Health Announces Dividend

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

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 stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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 stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wells Fargo & Company upped their price target on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Cantor Fitzgerald restated an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a research note on Wednesday, April 10th. UBS Group upped their price target on 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 upped their price target on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. Finally, Barclays increased their target price on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $587.42.

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.