Cypress Advisory Group LLC Lowers Stake in Elevance Health, Inc. (NYSE:ELV)

Cypress Advisory Group LLC trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 27.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,517 shares of the company's stock after selling 1,317 shares during the period. Elevance Health accounts for approximately 1.4% of Cypress Advisory Group LLC's portfolio, making the stock its 23rd largest position. Cypress Advisory Group LLC's holdings in Elevance Health were worth $1,530,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ELV. Milestone Asset Management LLC increased its stake in Elevance Health by 2.2% in the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after buying an additional 24 shares during the period. Jacobi Capital Management LLC boosted its holdings in shares of Elevance Health by 3.2% in the fourth quarter. Jacobi Capital Management LLC now owns 882 shares of the company's stock valued at $325,000 after acquiring an additional 27 shares in the last quarter. McLean Asset Management Corp increased its stake in shares of Elevance Health by 2.3% during the first quarter. McLean Asset Management Corp now owns 1,439 shares of the company's stock worth $620,000 after acquiring an additional 32 shares during the period. Keystone Financial Services increased its stake in shares of Elevance Health by 2.4% during the fourth quarter. Keystone Financial Services now owns 1,436 shares of the company's stock worth $530,000 after acquiring an additional 33 shares during the period. Finally, Accurate Wealth Management LLC raised its holdings in Elevance Health by 5.1% during the first quarter. Accurate Wealth Management LLC now owns 674 shares of the company's stock worth $296,000 after purchasing an additional 33 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Performance

Shares of ELV opened at $384.49 on Monday. Elevance Health, Inc. has a 12-month low of $357.45 and a 12-month high of $567.26. The stock has a market cap of $86.87 billion, a P/E ratio of 15.01, a PEG ratio of 1.18 and a beta of 0.60. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average of $404.71 and a two-hundred day moving average of $400.15.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. The firm had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. As a group, research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Tuesday, June 10th. Elevance Health's dividend payout ratio is presently 26.69%.

Insider Buying and Selling

In other Elevance Health news, 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 value of $1,949,074.16. Following the completion of the sale, the chief financial officer now directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Mizuho lifted their price target on Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. Baird R W cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Sanford C. Bernstein reissued an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Finally, Guggenheim reaffirmed a "buy" rating and set a $518.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Elevance Health has an average rating of "Moderate Buy" and a consensus target price of $498.87.

About Elevance Health

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.

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