OLD Point Trust & Financial Services N A Purchases 140 Shares of Elevance Health, Inc. $ELV

OLD Point Trust & Financial Services N A boosted its stake in Elevance Health, Inc. (NYSE:ELV) by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,707 shares of the company’s stock after acquiring an additional 140 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Elevance Health were worth $664,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Forum Financial Management LP raised its position in Elevance Health by 2.9% in the second quarter. Forum Financial Management LP now owns 2,938 shares of the company’s stock worth $1,143,000 after acquiring an additional 82 shares during the period. Ethic Inc. increased its stake in shares of Elevance Health by 6.9% in the second quarter. Ethic Inc. now owns 39,769 shares of the company’s stock worth $15,172,000 after purchasing an additional 2,564 shares in the last quarter. Greatmark Investment Partners Inc. increased its stake in shares of Elevance Health by 9.8% in the second quarter. Greatmark Investment Partners Inc. now owns 28,650 shares of the company’s stock worth $11,144,000 after purchasing an additional 2,568 shares in the last quarter. Rehmann Capital Advisory Group increased its stake in shares of Elevance Health by 2.0% in the second quarter. Rehmann Capital Advisory Group now owns 3,532 shares of the company’s stock worth $1,374,000 after purchasing an additional 69 shares in the last quarter. Finally, Brookstone Capital Management increased its stake in shares of Elevance Health by 5.2% in the second quarter. Brookstone Capital Management now owns 10,299 shares of the company’s stock worth $4,006,000 after purchasing an additional 506 shares in the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV stock opened at $344.88 on Thursday. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $458.75. The company’s 50-day moving average is $325.40 and its 200 day moving average is $354.52. The company has a market capitalization of $77.66 billion, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 1.28 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.31%. The company had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. During the same period in the prior year, the firm posted $8.37 EPS. Elevance Health’s revenue for the quarter was up 12.0% on a year-over-year basis. Sell-side analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio is 29.11%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Guggenheim boosted their price objective on shares of Elevance Health from $360.00 to $398.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Barclays reduced their price objective on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating for the company in a research note on Wednesday. Robert W. Baird reduced their price objective on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Finally, Wells Fargo & Company lowered their price objective on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating for the company in a report on Wednesday. Ten research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $398.94.

Insider Buying and Selling

In other news, Director Susan D. Devore acquired 1,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average cost of $312.15 per share, with a total value of $374,580.00. Following the transaction, the director owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

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.