OLD Point Trust & Financial Services N A Sells 40 Shares of Elevance Health, Inc. (NYSE:ELV)

OLD Point Trust & Financial Services N A decreased its position in Elevance Health, Inc. (NYSE:ELV) by 2.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,907 shares of the company’s stock after selling 40 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Elevance Health were worth $703,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Northwest & Ethical Investments L.P. raised its holdings in Elevance Health by 69.3% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 27,043 shares of the company’s stock worth $9,976,000 after acquiring an additional 11,066 shares during the period. Blueshift Asset Management LLC bought a new position in shares of Elevance Health in the fourth quarter worth about $402,000. Royal London Asset Management Ltd. increased its stake in shares of Elevance Health by 0.9% in the fourth quarter. Royal London Asset Management Ltd. now owns 231,309 shares of the company’s stock worth $85,330,000 after purchasing an additional 2,049 shares during the period. Generali Investments Management Co LLC acquired a new position in shares of Elevance Health during the 4th quarter worth about $665,000. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Elevance Health during the 4th quarter valued at approximately $259,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $430.87 on Thursday. 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 business’s fifty day moving average price is $398.56 and its two-hundred day moving average price is $427.12. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The stock has a market capitalization of $97.96 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 1.18 and a beta of 0.86.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th will be paid a $1.71 dividend. The ex-dividend date is Monday, March 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.59%. This is a boost from Elevance Health’s previous quarterly dividend of $1.63. Elevance Health’s payout ratio is 26.71%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Argus upgraded Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price target for the company in a report on Monday. Truist Financial reduced their price target on shares of Elevance Health from $520.00 to $480.00 and set a “buy” rating for the company in a report on Monday, January 6th. StockNews.com upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday. Stephens cut shares of Elevance Health from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company lowered their price target on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $519.81.

Insider Buying and Selling

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $415.13, for a total value of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the sale, the executive vice president now owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This trade represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

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.