Amalgamated Bank Lowers Holdings in Elevance Health, Inc. $ELV

Amalgamated Bank decreased its holdings in Elevance Health, Inc. (NYSE:ELV) by 5.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,613 shares of the company’s stock after selling 2,310 shares during the period. Amalgamated Bank’s holdings in Elevance Health were worth $16,964,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GLOBALT Investments LLC GA raised its position in Elevance Health by 0.4% during the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company’s stock valued at $2,743,000 after purchasing an additional 24 shares during the period. Checchi Capital Advisers LLC raised its holdings in shares of Elevance Health by 1.0% in the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company’s stock worth $1,190,000 after buying an additional 27 shares during the period. Hemington Wealth Management raised its holdings in shares of Elevance Health by 13.3% in the first quarter. Hemington Wealth Management now owns 230 shares of the company’s stock worth $100,000 after buying an additional 27 shares during the period. Aspen Investment Management Inc grew its stake in Elevance Health by 2.6% in the first quarter. Aspen Investment Management Inc now owns 1,048 shares of the company’s stock worth $456,000 after purchasing an additional 27 shares in the last quarter. Finally, Prudent Man Advisors LLC grew its stake in Elevance Health by 2.3% in the first quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company’s stock worth $547,000 after purchasing an additional 28 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ELV shares. Robert W. Baird dropped their price objective on Elevance Health from $492.00 to $297.00 and set a “neutral” rating on the stock in a research note on Friday, July 25th. Cowen reiterated a “buy” rating on shares of Elevance Health in a report on Thursday, October 23rd. Weiss Ratings upgraded Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price objective on shares of Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $398.44.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $322.11 on Friday. The firm has a market cap of $71.59 billion, a PE ratio of 13.17, a P/E/G ratio of 1.23 and a beta of 0.59. The business has a 50-day moving average price of $329.04 and a 200 day moving average price of $350.02. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The company had revenue of $50.09 billion during the quarter, compared to analyst estimates of $49.26 billion. During the same period in the previous year, the business earned $8.37 EPS. Elevance Health’s quarterly revenue was up 12.0% on a year-over-year basis. Sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm 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 $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Elevance Health’s dividend payout ratio is presently 27.96%.

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.