Tobam Cuts Stake in Elevance Health, Inc. (NYSE:ELV)

Tobam cut its stake in Elevance Health, Inc. (NYSE:ELV) by 76.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102 shares of the company’s stock after selling 332 shares during the quarter. Tobam’s holdings in Elevance Health were worth $44,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ELV. Milestone Asset Management LLC boosted its holdings in Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company’s stock worth $488,000 after purchasing an additional 24 shares in the last quarter. Jacobi Capital Management LLC boosted its holdings in Elevance Health by 3.2% in the fourth quarter. Jacobi Capital Management LLC now owns 882 shares of the company’s stock worth $325,000 after purchasing an additional 27 shares in the last quarter. McLean Asset Management Corp boosted its holdings in Elevance Health by 2.3% in the first quarter. McLean Asset Management Corp now owns 1,439 shares of the company’s stock worth $620,000 after purchasing an additional 32 shares in the last quarter. Keystone Financial Services boosted its holdings in Elevance Health by 2.4% in the fourth quarter. Keystone Financial Services now owns 1,436 shares of the company’s stock worth $530,000 after purchasing an additional 33 shares in the last quarter. Finally, Accurate Wealth Management LLC boosted its holdings in Elevance Health by 5.1% in the first quarter. Accurate Wealth Management LLC now owns 674 shares of the company’s stock worth $296,000 after purchasing an additional 33 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the company’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer now directly owns 18,977 shares of the company’s stock, valued at approximately $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 can be accessed through this link. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

NYSE:ELV opened at $384.49 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 quick ratio of 1.50, a current ratio of 1.45 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $86.87 billion, a PE ratio of 15.01, a price-to-earnings-growth ratio of 1.18 and a beta of 0.60. The firm has a 50-day moving average price of $404.71 and a 200 day moving average price of $400.19.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share 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 analysts’ expectations of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. Research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 annualized dividend and a yield of 1.78%. Elevance Health’s dividend payout ratio is 26.69%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ELV shares. 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. Argus set a $465.00 target price on shares of Elevance Health in a research report on Friday, April 25th. Robert W. Baird reissued a “neutral” rating and set a $529.00 target price (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Sanford C. Bernstein reissued an “outperform” rating on shares of Elevance Health in a research report on Friday, March 28th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $478.00 target price on shares of Elevance Health in a research report on Wednesday, June 4th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $498.87.

Elevance Health 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.