Hollencrest Capital Management Has $159,000 Position in Elevance Health, Inc. (NYSE:ELV)

Hollencrest Capital Management trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 74.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 366 shares of the company's stock after selling 1,049 shares during the quarter. Hollencrest Capital Management's holdings in Elevance Health were worth $159,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Milestone Asset Management LLC lifted its holdings in shares of 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. Elser Financial Planning Inc raised its holdings in Elevance Health by 3.0% during the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock worth $384,000 after purchasing an additional 26 shares during the last quarter. Checchi Capital Advisers LLC raised its holdings in Elevance Health by 1.0% during the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock worth $1,190,000 after purchasing an additional 27 shares during the last quarter. Prudent Man Advisors LLC raised its holdings in Elevance Health by 2.3% during the first quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company's stock worth $547,000 after purchasing an additional 28 shares during the last quarter. Finally, Barlow Wealth Partners Inc. raised its holdings in Elevance Health by 1.3% during the first quarter. Barlow Wealth Partners Inc. now owns 2,280 shares of the company's stock worth $961,000 after purchasing an additional 30 shares during the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Down 8.5%

NYSE ELV traded down $25.58 on Friday, hitting $276.87. 8,379,827 shares of the stock traded hands, compared to its average volume of 1,672,342. The stock has a 50-day moving average of $371.52 and a 200 day moving average of $395.81. Elevance Health, Inc. has a twelve month low of $276.41 and a twelve month high of $567.26. The company has a market capitalization of $62.55 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 0.81 and a beta of 0.60. The company has a current ratio of 1.44, a quick ratio of 1.43 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The business had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The business's quarterly revenue was up 14.3% compared to the same quarter last year. During the same period last year, the company earned $10.12 earnings per share. As a group, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is currently 29.11%.

Insiders Place Their Bets

In other news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was 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 owned 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The stock was acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ELV has been the subject of several recent research reports. Royal Bank Of Canada reissued an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a research report on Wednesday, June 4th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Morgan Stanley lowered their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research report on Friday. Barclays lowered their price objective on Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research report on Friday. Finally, Robert W. Baird reissued a "neutral" rating and set a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $435.93.

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.