SeaCrest Wealth Management LLC Sells 1,206 Shares of Elevance Health, Inc. $ELV

Key Points

• SeaCrest Wealth Management LLC has decreased its holdings in Elevance Health by 48.7% to just 1,268 shares, which are valued at approximately $493,000 as of its latest SEC filing.
• Elevance Health reported earnings of $8.84 EPS for the previous quarter, missing estimates, despite an increase in revenue to $49.42 billion.
• The company announced a quarterly dividend of $1.71 per share, representing a yield of 2.2%, with 29.11% of its payout ratio attributed to dividends.

SeaCrest Wealth Management LLC trimmed its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 48.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,268 shares of the company's stock after selling 1,206 shares during the quarter. SeaCrest Wealth Management LLC's holdings in Elevance Health were worth $493,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Private Wealth Management Group LLC lifted its position in shares of Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares during the last quarter. WPG Advisers LLC bought a new position in Elevance Health in the first quarter worth approximately $29,000. Riverview Trust Co boosted its holdings in Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after acquiring an additional 67 shares in the last quarter. North Capital Inc. bought a new position in shares of Elevance Health in the first quarter valued at approximately $36,000. Finally, Saudi Central Bank bought a new position in shares of Elevance Health in the first quarter valued at approximately $40,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In related news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gail Boudreaux bought 8,500 shares of the business's stock in a transaction on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

Elevance Health Stock Up 1.5%

Shares of ELV stock traded up $4.76 on Monday, hitting $318.47. The stock had a trading volume of 1,456,167 shares, compared to its average volume of 1,950,699. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $542.22. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market capitalization of $71.71 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 1.15 and a beta of 0.59. The stock's 50 day moving average is $303.03 and its 200-day moving average is $367.37.

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

Elevance Health Announces Dividend

The firm 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. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.1%. Elevance Health's payout ratio is currently 29.11%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Guggenheim dropped their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. UBS Group cut their price objective on Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a research report on Friday, September 5th. Leerink Partners reaffirmed a "market perform" rating and set a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Finally, Wells Fargo & Company dropped their price objective on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, August 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $411.06.

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.