First Citizens Bank & Trust Co. Boosts Holdings in Elevance Health, Inc. $ELV

Key Points

• First Citizens Bank & Trust Co. increased its holdings in Elevance Health by 12.9% during the second quarter, now owning 25,878 shares valued at approximately $10.07 million.
• Analysts have recently adjusted their price targets for Elevance Health, with Wells Fargo lowering it from $412.00 to $403.00, while Guggenheim raised their target from $360.00 to $398.00.
• Elevance Health reported better-than-expected earnings of $6.03 per share for the quarter, surpassing analyst estimates of $5.03, alongside a 12% year-over-year revenue growth.

First Citizens Bank & Trust Co. lifted its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 12.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 25,878 shares of the company's stock after purchasing an additional 2,956 shares during the period. First Citizens Bank & Trust Co.'s holdings in Elevance Health were worth $10,066,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in ELV. Private Wealth Management Group LLC increased its position in shares of Elevance Health by 152.0% during the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after buying an additional 38 shares during the period. WPG Advisers LLC bought a new position in Elevance Health during the 1st quarter valued at approximately $29,000. North Capital Inc. bought a new position in Elevance Health during the 1st quarter valued at approximately $36,000. Saudi Central Bank bought a new stake in Elevance Health in the first quarter worth $40,000. Finally, Berbice Capital Management LLC purchased a new stake in shares of Elevance Health in the first quarter worth $43,000. Institutional investors own 89.24% of the company's stock.

Analyst Ratings Changes

ELV has been the topic of several recent analyst reports. Wells Fargo & Company cut their price objective on shares of Elevance Health from $412.00 to $403.00 and set an "overweight" rating on the stock in a research report on Wednesday. Sanford C. Bernstein dropped their price target on shares of Elevance Health from $445.00 to $420.00 and set an "outperform" rating on the stock in a report on Thursday, October 16th. Guggenheim raised their target price on shares of Elevance Health from $360.00 to $398.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Finally, Mizuho boosted their price target on Elevance Health from $342.00 to $420.00 and gave the company an "outperform" rating in a research note on Thursday, October 9th. Ten research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $398.94.

Insiders Place Their Bets

In related news, Director Susan D. Devore acquired 1,200 shares of Elevance Health stock in a transaction on Tuesday, August 19th. The stock was acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Elevance Health Price Performance

NYSE ELV opened at $338.41 on Thursday. The company's 50 day moving average is $325.40 and its two-hundred day moving average is $354.52. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The stock has a market cap of $76.20 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.28 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping analysts' consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.31% and a net margin of 2.84%.The business had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. During the same quarter in the previous year, the firm earned $8.37 earnings per share. The company's revenue was up 12.0% on a year-over-year basis. As a group, research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health's dividend payout ratio is presently 29.11%.

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.

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