Bahl & Gaynor Inc. Lowers Position in Elevance Health, Inc. (NYSE:ELV)

Bahl & Gaynor Inc. trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 6.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 373 shares of the company’s stock after selling 26 shares during the period. Bahl & Gaynor Inc.’s holdings in Elevance Health were worth $202,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank & Trust Co purchased a new position in shares of Elevance Health during the second quarter valued at about $27,000. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health during the 4th quarter valued at approximately $28,000. Palisade Asset Management LLC purchased a new position in Elevance Health during the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new stake in Elevance Health in the 2nd quarter worth approximately $28,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of Elevance Health during the 2nd quarter valued at approximately $30,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Up 0.4 %

NYSE:ELV opened at $545.78 on Friday. The stock has a fifty day simple moving average of $534.70 and a 200-day simple moving average of $527.40. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The company has a market cap of $126.85 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. Elevance Health, Inc. has a twelve month low of $431.38 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.99 by $0.13. The company had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company earned $9.04 EPS. Analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.19%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Analysts Set New Price Targets

ELV has been the topic of a number of recent research reports. TD Cowen decreased their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research note on Friday, July 19th. Bank of America restated a “neutral” rating and set a $530.00 target price (down from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Stephens reiterated an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a research report on Thursday, September 5th. Truist Financial upped their price objective on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Wells Fargo & Company cut their target price on Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. One research analyst has rated the stock with a hold rating, fourteen have issued 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 an average rating of “Buy” and a consensus price target of $604.29.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock worth $17,588,116 in the last ninety days. 0.35% of the stock is owned by company insiders.

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.