OLD Point Trust & Financial Services N A Purchases 140 Shares of Elevance Health, Inc. $ELV

OLD Point Trust & Financial Services N A grew its position in shares of Elevance Health, Inc. (NYSE:ELV) by 8.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,707 shares of the company’s stock after acquiring an additional 140 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Elevance Health were worth $664,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC lifted its stake in 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 during the last quarter. WPG Advisers LLC bought a new stake in Elevance Health during the first quarter worth about $29,000. Riverview Trust Co lifted its stake in 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 during the last quarter. North Capital Inc. bought a new stake in shares of Elevance Health in the 1st quarter valued at about $36,000. Finally, Saudi Central Bank bought a new stake in shares of Elevance Health in the 1st quarter valued at about $40,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In other news, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction on Friday, July 18th. The shares were purchased at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer owned 151,020 shares of the company’s stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction on Tuesday, August 19th. The shares were purchased at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the acquisition, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade 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 Trading Up 1.0%

ELV opened at $322.89 on Wednesday. The business has a 50 day simple moving average of $304.83 and a two-hundred day simple moving average of $363.10. The firm has a market capitalization of $72.71 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 1.17 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $524.68.

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

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were issued a dividend of $1.71 per share. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. Elevance Health’s dividend payout ratio is 29.11%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ELV shares. Morgan Stanley lowered their target price on Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a research note on Friday, July 18th. Guggenheim lowered their target price on Elevance Health from $447.00 to $360.00 and set a “buy” rating for the company in a research note on Friday, July 18th. Leerink Partners reissued a “market perform” rating and issued a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Argus reissued a “hold” rating on shares of Elevance Health in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. lowered their target price on Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a research note on Tuesday, July 22nd. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.