Private Trust Co. NA Invests $750,000 in Elevance Health, Inc. (NYSE:ELV)

Posted by on Mar 26th, 2023

Private Trust Co. NA purchased a new stake in Elevance Health, Inc. (NYSE:ELV – Get Rating) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,462 shares of the company’s stock, valued at approximately $750,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sumitomo Life Insurance Co. purchased a new stake in Elevance Health in the 4th quarter valued at $1,760,000. Burke & Herbert Bank & Trust Co. acquired a new position in Elevance Health in the 4th quarter valued at $533,000. Zhang Financial LLC acquired a new position in Elevance Health in the 4th quarter valued at $367,000. Hexagon Capital Partners LLC acquired a new position in Elevance Health in the 4th quarter valued at $26,000. Finally, Insight Wealth Strategies LLC acquired a new position in Elevance Health in the 4th quarter valued at $1,367,000. Hedge funds and other institutional investors own 87.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Elevance Health from $505.00 to $523.00 and gave the company a “sector perform” rating in a research note on Thursday, January 26th. StockNews.com began coverage on shares of Elevance Health in a research note on Thursday, March 16th. They set a “strong-buy” rating on the stock. SVB Leerink reaffirmed an “outperform” rating and set a $580.00 price target on shares of Elevance Health in a research note on Thursday, January 26th. Loop Capital upped their price target on shares of Elevance Health from $550.00 to $565.00 in a research note on Monday, January 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Elevance Health from $555.00 to $572.00 and gave the stock an “overweight” rating in a research note on Thursday, February 23rd. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $581.68.

Elevance Health Price Performance

NYSE:ELV opened at $456.69 on Friday. The firm has a market cap of $108.45 billion, a price-to-earnings ratio of 18.42, a price-to-earnings-growth ratio of 1.18 and a beta of 0.85. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average is $477.36 and its two-hundred day moving average is $490.78. Elevance Health, Inc. has a 12-month low of $440.02 and a 12-month high of $549.52.

Elevance Health (NYSE:ELV – Get Rating) last released its earnings results on Wednesday, January 25th. The company reported $5.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.20 by $0.03. The company had revenue of $39.67 billion for the quarter, compared to analyst estimates of $39.62 billion. Elevance Health had a net margin of 3.85% and a return on equity of 19.56%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned $5.14 EPS. Research analysts expect that Elevance Health, Inc. will post 32.72 EPS for the current year.

Elevance Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 24th. Shareholders of record on Friday, March 10th were issued a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a yield of 1.30%. This is a positive change from Elevance Health’s previous quarterly dividend of $1.28. The ex-dividend date of this dividend was Thursday, March 9th. Elevance Health’s dividend payout ratio is 23.88%.

Elevance Health Profile

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Elevance Health, Inc operates as a health company, which engages in improving lives and communities, and making healthcare simpler. It operates through the following segments: Commercial and Specialty Business, Government Business, CarelonRx, and Other. The Commercial and Specialty Business segment provides insurance products and services such as stop loss, dental, vision, life, disability and supplemental health insurance.

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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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