First County Bank CT Makes New Investment in Elevance Health, Inc. (NYSE:ELV)

First County Bank CT bought a new stake in Elevance Health, Inc. (NYSE:ELV) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 787 shares of the company’s stock, valued at approximately $290,000.

Several other large investors also recently modified their holdings of ELV. Raelipskie Partnership acquired a new position in shares of Elevance Health in the 3rd quarter valued at approximately $26,000. PSI Advisors LLC bought a new position in Elevance Health in the third quarter valued at approximately $27,000. Eastern Bank acquired a new position in shares of Elevance Health in the third quarter valued at approximately $31,000. Dunhill Financial LLC increased its position in shares of Elevance Health by 57.8% during the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock worth $37,000 after acquiring an additional 26 shares in the last quarter. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Elevance Health during the third quarter worth $44,000. 89.24% of the stock is currently owned by institutional investors.

Insider Activity at Elevance Health

In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $432.14, for a total value of $3,205,182.38. Following the transaction, the executive vice president now owns 8,423 shares in the company, valued at approximately $3,639,915.22. This represents a 46.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is owned by company insiders.

Analysts Set New Price Targets

ELV has been the subject of a number of research reports. Royal Bank of Canada lowered their target price on Elevance Health from $585.00 to $478.00 and set an “outperform” rating for the company in a report on Friday, October 18th. Mizuho decreased their price objective on Elevance Health from $585.00 to $505.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. UBS Group cut their target price on Elevance Health from $605.00 to $555.00 and set a “buy” rating on the stock in a research note on Friday, October 18th. StockNews.com cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Cantor Fitzgerald cut their price objective on shares of Elevance Health from $600.00 to $485.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average target price of $536.53.

Elevance Health Stock Performance

Shares of ELV stock opened at $380.47 on Wednesday. The company has a fifty day moving average price of $393.06 and a two-hundred day moving average price of $474.59. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26. The stock has a market cap of $88.24 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.15 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50.

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

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Thursday, December 5th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend was Thursday, December 5th. Elevance Health’s payout ratio is presently 23.77%.

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.