Blume Capital Management Inc. Reduces Holdings in Elevance Health, Inc. $ELV

Blume Capital Management Inc. lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 84.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,825 shares of the company’s stock after selling 9,811 shares during the quarter. Blume Capital Management Inc.’s holdings in Elevance Health were worth $710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ELV. Cullen Frost Bankers Inc. boosted its position in Elevance Health by 4.1% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 21,845 shares of the company’s stock valued at $8,497,000 after acquiring an additional 854 shares in the last quarter. Coronation Fund Managers Ltd. bought a new position in shares of Elevance Health in the 2nd quarter worth approximately $53,430,000. Fiduciary Family Office LLC lifted its stake in shares of Elevance Health by 15.5% in the 2nd quarter. Fiduciary Family Office LLC now owns 1,647 shares of the company’s stock valued at $641,000 after purchasing an additional 221 shares during the period. Greenup Street Wealth Management LLC boosted its position in shares of Elevance Health by 2.8% during the second quarter. Greenup Street Wealth Management LLC now owns 5,960 shares of the company’s stock valued at $2,318,000 after purchasing an additional 161 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in shares of Elevance Health by 3.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 39,120 shares of the company’s stock valued at $15,215,000 after purchasing an additional 1,304 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was purchased at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on ELV shares. Weiss Ratings raised Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. The Goldman Sachs Group assumed coverage on shares of Elevance Health in a research note on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 price target for the company. Wells Fargo & Company boosted their price objective on shares of Elevance Health from $330.00 to $412.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Barclays upped their price objective on shares of Elevance Health from $373.00 to $395.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Finally, Morgan Stanley lifted their target price on shares of Elevance Health from $316.00 to $359.00 and gave the company an “equal weight” rating in a report on Tuesday, October 14th. Ten analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $400.06.

Elevance Health Stock Down 0.9%

NYSE:ELV opened at $350.77 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market cap of $78.99 billion, a P/E ratio of 14.93, a P/E/G ratio of 1.29 and a beta of 0.59. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75. The firm has a 50-day simple moving average of $324.38 and a two-hundred day simple moving average of $354.59.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.03 by $1.00. The firm had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business’s revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.37 earnings per share. Analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.9%. Elevance Health’s dividend payout ratio (DPR) is presently 29.11%.

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.