Elevance Health, Inc. (NYSE:ELV) Shares Bought by Riverview Trust Co

Riverview Trust Co boosted its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1,340.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72 shares of the company’s stock after purchasing an additional 67 shares during the period. Riverview Trust Co’s holdings in Elevance Health were worth $31,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AMI Investment Management Inc. raised its position in shares of Elevance Health by 19.2% in the first quarter. AMI Investment Management Inc. now owns 5,286 shares of the company’s stock worth $2,299,000 after acquiring an additional 851 shares during the period. Charles Schwab Trust Co acquired a new position in shares of Elevance Health during the 1st quarter worth about $427,000. Thrive Wealth Management LLC acquired a new position in shares of Elevance Health during the 1st quarter worth about $214,000. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Elevance Health by 25.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 361 shares of the company’s stock worth $157,000 after purchasing an additional 73 shares during the last quarter. Finally, Diligent Investors LLC acquired a new position in shares of Elevance Health during the 1st quarter worth about $236,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Elevance Health stock opened at $384.61 on Friday. Elevance Health, Inc. has a 12-month low of $357.45 and a 12-month high of $567.26. The company has a market capitalization of $86.90 billion, a price-to-earnings ratio of 15.02, a price-to-earnings-growth ratio of 1.18 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50. The firm’s fifty day moving average price is $410.29 and its 200 day moving average price is $400.80.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. The firm had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.78%. Elevance Health’s payout ratio is currently 26.69%.

Insider Buying and Selling

In other news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer now directly owns 18,977 shares of the company’s stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ronald W. Penczek sold 443 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This represents a 19.34% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of several research analyst reports. Baird R W downgraded shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Barclays reduced their price target on shares of Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a research report on Monday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Guggenheim reiterated a “buy” rating and issued a $518.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Finally, Argus set a $465.00 price objective on shares of Elevance Health in a report on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $499.53.

Elevance Health Company Profile

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.