Copperleaf Capital LLC Cuts Position in Elevance Health, Inc. (NYSE:ELV)

Copperleaf Capital LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 18.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,631 shares of the company’s stock after selling 606 shares during the period. Elevance Health comprises 1.1% of Copperleaf Capital LLC’s portfolio, making the stock its 29th largest holding. Copperleaf Capital LLC’s holdings in Elevance Health were worth $1,169,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Roundview Capital LLC boosted its position in Elevance Health by 2.9% during the first quarter. Roundview Capital LLC now owns 1,858 shares of the company’s stock worth $912,000 after purchasing an additional 52 shares in the last quarter. Moors & Cabot Inc. acquired a new position in shares of Elevance Health during the 1st quarter worth $251,000. Baird Financial Group Inc. boosted its position in shares of Elevance Health by 0.4% in the 1st quarter. Baird Financial Group Inc. now owns 14,870 shares of the company’s stock worth $7,305,000 after buying an additional 57 shares in the last quarter. Zions Bancorporation N.A. grew its stake in Elevance Health by 52.1% in the 1st quarter. Zions Bancorporation N.A. now owns 893 shares of the company’s stock valued at $439,000 after acquiring an additional 306 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in Elevance Health by 102.9% during the first quarter. Brown Brothers Harriman & Co. now owns 846 shares of the company’s stock worth $416,000 after acquiring an additional 429 shares during the last quarter. 87.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. TD Cowen increased their target price on Elevance Health from $564.00 to $585.00 and gave the company an “outperform” rating in a report on Monday, July 24th. JPMorgan Chase & Co. decreased their price objective on Elevance Health from $569.00 to $552.00 and set an “overweight” rating on the stock in a research note on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $547.00 price target on shares of Elevance Health in a research note on Tuesday. Morgan Stanley boosted their price objective on shares of Elevance Health from $585.00 to $587.00 and gave the company an “overweight” rating in a research report on Thursday, October 19th. Finally, StockNews.com assumed coverage on shares of Elevance Health in a research note on Thursday, October 5th. They issued a “strong-buy” rating for the company. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $565.82.

Elevance Health Trading Up 1.0 %

NYSE:ELV traded up $4.66 on Tuesday, hitting $470.03. 294,027 shares of the stock were exchanged, compared to its average volume of 1,168,616. The stock has a fifty day moving average of $451.18 and a 200-day moving average of $453.67. The stock has a market cap of $110.44 billion, a PE ratio of 18.37, a PEG ratio of 1.15 and a beta of 0.84. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.62. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $544.01.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, October 18th. The company reported $8.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.45 by $0.54. The firm had revenue of $42.48 billion during the quarter, compared to the consensus estimate of $42.69 billion. Elevance Health had a net margin of 3.61% and a return on equity of 20.71%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $7.53 EPS. As a group, equities analysts expect that Elevance Health, Inc. will post 33.07 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Wednesday, December 6th will be issued a dividend of $1.48 per share. The ex-dividend date is Tuesday, December 5th. This represents a $5.92 annualized dividend and a dividend yield of 1.26%. Elevance Health’s payout ratio is 23.24%.

Insider Buying and Selling

In other news, CAO Ronald W. Penczek sold 64 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $454.35, for a total value of $29,078.40. Following the completion of the sale, the chief accounting officer now owns 2,842 shares in the company, valued at $1,291,262.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.35% of the stock is owned by corporate insiders.

About Elevance Health

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.