Hickory Asset Management Inc. Sells 161 Shares of Elevance Health, Inc. (NYSE:ELV)

Hickory Asset Management Inc. trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 5.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,553 shares of the company’s stock after selling 161 shares during the period. Hickory Asset Management Inc.’s holdings in Elevance Health were worth $1,110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. CVA Family Office LLC lifted its position in shares of Elevance Health by 27.7% during the first quarter. CVA Family Office LLC now owns 562 shares of the company’s stock valued at $244,000 after buying an additional 122 shares during the last quarter. Elevation Point Wealth Partners LLC lifted its position in shares of Elevance Health by 28.2% during the first quarter. Elevation Point Wealth Partners LLC now owns 5,275 shares of the company’s stock valued at $2,295,000 after buying an additional 1,160 shares during the last quarter. Tudor Financial Inc. purchased a new stake in shares of Elevance Health during the first quarter valued at about $210,000. Stanley Laman Group Ltd. lifted its position in shares of Elevance Health by 9.1% during the first quarter. Stanley Laman Group Ltd. now owns 8,955 shares of the company’s stock valued at $3,895,000 after buying an additional 747 shares during the last quarter. Finally, Everhart Financial Group Inc. purchased a new stake in shares of Elevance Health during the first quarter valued at about $518,000. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ELV has been the subject of several analyst reports. Barclays decreased 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, June 2nd. Wall Street Zen upgraded shares of Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Mizuho lifted their target price on shares of Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 9th. Baird R W cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of Elevance Health in a research note on Friday, March 28th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $498.87.

Elevance Health Stock Performance

ELV opened at $384.49 on Friday. 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 has a fifty day moving average price of $404.71 and a 200 day moving average price of $400.19. Elevance Health, Inc. has a 1 year low of $357.45 and a 1 year high of $567.26. The stock has a market cap of $86.87 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.18 and a beta of 0.60.

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

Elevance Health Announces Dividend

The business also recently declared 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. This represents a $6.84 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s payout ratio is presently 26.69%.

Insider Transactions at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.