Fortem Financial Group LLC Sells 714 Shares of Elevance Health, Inc. (NYSE:ELV)

Fortem Financial Group LLC lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 30.3% during the first quarter, Holdings Channel.com reports. The fund owned 1,641 shares of the company’s stock after selling 714 shares during the period. Fortem Financial Group LLC’s holdings in Elevance Health were worth $714,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Accredited Wealth Management LLC bought a new position in shares of Elevance Health in the 4th quarter valued at $25,000. Flagship Wealth Advisors LLC bought a new position in shares of Elevance Health in the 4th quarter valued at $26,000. Riverview Trust Co increased its stake in shares of Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company’s stock valued at $31,000 after purchasing an additional 67 shares during the last quarter. WealthTrak Capital Management LLC bought a new position in shares of Elevance Health in the 4th quarter valued at $29,000. Finally, Lee Danner & Bass Inc. bought a new position in shares of Elevance Health in the 4th quarter valued at $30,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

Elevance Health stock opened at $340.04 on Friday. Elevance Health, Inc. has a 12 month low of $337.61 and a 12 month high of $567.26. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. The business’s 50 day simple moving average is $380.88 and its 200 day simple moving average is $397.40. The company has a market cap of $76.83 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 0.88 and a beta of 0.60.

Elevance Health (NYSE:ELV) last posted its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) 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 the consensus estimate of $46.26 billion. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. Sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.01%. Elevance Health’s dividend payout ratio is currently 26.69%.

Insider Activity

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the sale, the chief financial officer owned 18,977 shares in the company, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the topic of several recent analyst reports. Robert W. Baird reiterated a “neutral” rating and issued a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Argus set a $465.00 price target on Elevance Health in a research note on Friday, April 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Barclays cut their target price on Elevance Health from $480.00 to $434.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Guggenheim reaffirmed a “buy” rating and set a $518.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $495.80.

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.