TrinityPoint Wealth LLC Trims Holdings in Elevance Health, Inc. (NYSE:ELV)

TrinityPoint Wealth LLC reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 23.4% in the fourth quarter, Holdings Channel reports. The firm owned 4,771 shares of the company’s stock after selling 1,457 shares during the period. TrinityPoint Wealth LLC’s holdings in Elevance Health were worth $1,760,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Accredited Wealth Management LLC purchased a new stake in Elevance Health in the 4th quarter valued at about $25,000. Flagship Wealth Advisors LLC bought a new position in Elevance Health in the fourth quarter worth approximately $26,000. OFI Invest Asset Management purchased a new position in Elevance Health during the 4th quarter worth $29,000. WealthTrak Capital Management LLC bought a new stake in Elevance Health during the 4th quarter valued at $29,000. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of Elevance Health in the 4th quarter worth $30,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Up 3.4%

NYSE:ELV opened at $403.20 on Friday. Elevance Health, Inc. has a fifty-two week low of $357.45 and a fifty-two week high of $567.26. The stock has a market capitalization of $91.10 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.18 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The company’s 50-day simple moving average is $422.47 and its 200-day simple moving average is $403.66.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts’ consensus estimates of $10.60 by $1.37. The business 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%. On average, equities analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.69%.

Insider Buying and Selling

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the sale, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction that occurred on 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 owns 18,977 shares of the company’s stock, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,535 shares of company stock worth $3,521,612 in the last three months. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

ELV has been the subject of several recent research reports. Robert W. Baird restated a “neutral” rating and issued a $529.00 price objective (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Mizuho boosted their price target on shares of Elevance Health from $455.00 to $505.00 and gave the company an “outperform” rating in a report on Wednesday, April 9th. Barclays upped their price target on shares of Elevance Health from $512.00 to $522.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. Truist Financial lifted their price objective on shares of Elevance Health from $480.00 to $510.00 and gave the company a “buy” rating in a report on Friday, April 11th. Finally, Baird R W lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $510.38.

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.