Washington Trust Bank Grows Stock Position in Elevance Health, Inc. (NYSE:ELV)

Washington Trust Bank raised its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,938 shares of the company's stock after purchasing an additional 1,466 shares during the quarter. Elevance Health makes up approximately 1.3% of Washington Trust Bank's portfolio, making the stock its 28th largest holding. Washington Trust Bank's holdings in Elevance Health were worth $13,457,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ELV. Accredited Wealth Management LLC purchased a new stake in Elevance Health during the fourth quarter valued at about $25,000. Flagship Wealth Advisors LLC purchased a new stake in Elevance Health during the fourth quarter valued at about $26,000. OFI Invest Asset Management purchased a new stake in Elevance Health during the fourth quarter valued at about $29,000. WealthTrak Capital Management LLC purchased a new stake in shares of Elevance Health in the fourth quarter worth about $29,000. Finally, Lee Danner & Bass Inc. bought a new position in shares of Elevance Health in the fourth quarter valued at approximately $30,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on ELV shares. Argus set a $465.00 target price on shares of Elevance Health in a report on Friday, April 25th. Barclays decreased their price target on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a report on Monday, June 2nd. Truist Financial set a $500.00 price objective on Elevance Health and gave the company a "buy" rating in a research note on Monday, June 9th. Robert W. Baird reissued a "neutral" rating and set a $529.00 price objective (down previously from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $478.00 price objective on shares of Elevance Health in a research note on Wednesday, June 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $498.87.

Elevance Health Price Performance

NYSE ELV traded down $1.08 during trading hours on Monday, reaching $346.76. 2,255,777 shares of the stock traded hands, compared to its average volume of 1,612,990. The stock has a 50 day simple moving average of $387.65 and a two-hundred day simple moving average of $398.64. Elevance Health, Inc. has a 1 year low of $343.83 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. The company has a market cap of $78.34 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 0.88 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. On average, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.97%. Elevance Health's dividend payout ratio is currently 26.69%.

Insider Activity at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated 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 transaction, the chief financial officer owned 18,977 shares in the company, valued at approximately $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.

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.