Fulton Bank N.A. Decreases Holdings in Elevance Health, Inc. (NYSE:ELV)

Fulton Bank N.A. reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 4.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,080 shares of the company’s stock after selling 49 shares during the quarter. Fulton Bank N.A.’s holdings in Elevance Health were worth $398,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. First County Bank CT purchased a new position in Elevance Health in the fourth quarter valued at about $290,000. Diversified Trust Co raised its holdings in shares of Elevance Health by 13.7% in the 4th quarter. Diversified Trust Co now owns 22,576 shares of the company’s stock worth $8,328,000 after purchasing an additional 2,725 shares during the period. Fortem Financial Group LLC lifted its stake in Elevance Health by 1.9% in the fourth quarter. Fortem Financial Group LLC now owns 2,355 shares of the company’s stock valued at $869,000 after purchasing an additional 44 shares during the last quarter. Pensionfund Sabic grew its holdings in Elevance Health by 59.0% during the fourth quarter. Pensionfund Sabic now owns 4,850 shares of the company’s stock valued at $1,789,000 after purchasing an additional 1,800 shares during the period. Finally, Principal Financial Group Inc. increased its position in Elevance Health by 4.5% in the third quarter. Principal Financial Group Inc. now owns 272,649 shares of the company’s stock worth $141,777,000 after buying an additional 11,646 shares during the last quarter. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV opened at $381.41 on Friday. Elevance Health, Inc. has a 12-month low of $362.21 and a 12-month high of $567.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The company has a market cap of $88.46 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84. The stock has a 50-day moving average price of $391.39 and a 200-day moving average price of $472.20.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, October 17th. The company reported $8.37 EPS for the quarter, missing analysts’ consensus estimates of $9.66 by ($1.29). Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The company had revenue of $44.72 billion during the quarter, compared to analysts’ expectations of $43.47 billion. During the same period in the prior year, the firm earned $8.99 EPS. Elevance Health’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities analysts forecast that Elevance Health, Inc. will post 32.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Thursday, December 5th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.71%. The ex-dividend date was Thursday, December 5th. Elevance Health’s dividend payout ratio is currently 23.77%.

Insider Buying and Selling at Elevance Health

In other news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now owns 8,423 shares of the company’s stock, valued at approximately $3,639,915.22. The trade was a 46.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of several research reports. Royal Bank of Canada cut their price target on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Argus lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. Morgan Stanley lowered their price target on shares of Elevance Health from $643.00 to $551.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Cantor Fitzgerald cut their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Finally, Mizuho reduced their price objective on shares of Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $536.53.

Elevance Health Company 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.