Narwhal Capital Management Sells 1,897 Shares of Elevance Health, Inc. $ELV

Narwhal Capital Management lowered its position in Elevance Health, Inc. (NYSE:ELV) by 56.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,478 shares of the company’s stock after selling 1,897 shares during the quarter. Narwhal Capital Management’s holdings in Elevance Health were worth $478,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Elevance Health during the first quarter valued at $303,000. SCS Capital Management LLC bought a new stake in shares of Elevance Health in the first quarter worth $347,000. SageView Advisory Group LLC increased its holdings in Elevance Health by 7.3% in the first quarter. SageView Advisory Group LLC now owns 718 shares of the company’s stock valued at $312,000 after purchasing an additional 49 shares during the period. Glenview Trust co raised its position in Elevance Health by 10.2% during the 1st quarter. Glenview Trust co now owns 1,144 shares of the company’s stock worth $498,000 after purchasing an additional 106 shares during the last quarter. Finally, Focus Partners Wealth raised its position in Elevance Health by 4.6% during the 1st quarter. Focus Partners Wealth now owns 22,446 shares of the company’s stock worth $9,764,000 after purchasing an additional 982 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of ELV stock opened at $372.80 on Friday. The firm has a 50 day moving average of $338.20 and a 200-day moving average of $328.63. The company has a market cap of $82.85 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 1.93 and a beta of 0.51. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $458.75.

Elevance Health (NYSE:ELV) last released its earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. The company had revenue of $50.09 billion for the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. Elevance Health’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.37 EPS. On average, equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, December 5th. Elevance Health’s dividend payout ratio is 27.96%.

Wall Street Analyst Weigh In

ELV has been the subject of several recent research reports. Truist Financial set a $400.00 price target on Elevance Health in a research note on Tuesday, October 14th. Wells Fargo & Company upped their target price on Elevance Health from $403.00 to $424.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $320.00 price objective (down from $332.00) on shares of Elevance Health in a research note on Friday, December 19th. Finally, Wall Street Zen downgraded shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Saturday, December 13th. Thirteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Elevance Health has a consensus rating of “Hold” and an average price target of $400.85.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.