Bangor Savings Bank Cuts Stock Position in Elevance Health, Inc. $ELV

Bangor Savings Bank cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 4.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,410 shares of the company’s stock after selling 192 shares during the quarter. Bangor Savings Bank’s holdings in Elevance Health were worth $1,715,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ELV. Private Wealth Management Group LLC increased its position in shares of Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares in the last quarter. WPG Advisers LLC purchased a new stake in shares of Elevance Health during the first quarter worth approximately $29,000. Riverview Trust Co increased its position in shares of Elevance Health by 1,340.0% during the first quarter. Riverview Trust Co now owns 72 shares of the company’s stock worth $31,000 after purchasing an additional 67 shares in the last quarter. North Capital Inc. purchased a new stake in shares of Elevance Health during the first quarter worth approximately $36,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Elevance Health during the fourth quarter worth approximately $39,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Gail Boudreaux bought 8,500 shares of the firm’s stock in a transaction that occurred on Friday, July 18th. The shares were purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Susan D. Devore bought 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $311.74 on Friday. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $559.95. The business’s fifty day simple moving average is $306.50 and its 200-day simple moving average is $370.59. The firm has a market cap of $70.20 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 1.15 and a beta of 0.59. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same period last year, the company earned $10.12 EPS. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. Equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health’s dividend payout ratio is presently 29.11%.

Analyst Upgrades and Downgrades

Several analysts recently commented on ELV shares. Leerink Partnrs cut Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 17th. Guggenheim lowered their price objective on Elevance Health from $447.00 to $360.00 and set a “buy” rating on the stock in a research note on Friday, July 18th. Robert W. Baird lowered 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. Argus reissued a “hold” rating on shares of Elevance Health in a research note on Monday, July 21st. Finally, Leerink Partners reissued a “market perform” rating and set a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $411.06.

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.