Cullen Frost Bankers Inc. Cuts Holdings in Elevance Health, Inc. (NYSE:ELV)

Cullen Frost Bankers Inc. cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,223 shares of the company’s stock after selling 213 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Elevance Health were worth $10,008,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. EdgeRock Capital LLC purchased a new position in shares of Elevance Health in the 4th quarter valued at about $145,000. Hyman Charles D boosted its position in Elevance Health by 0.4% during the fourth quarter. Hyman Charles D now owns 13,928 shares of the company’s stock worth $6,568,000 after purchasing an additional 51 shares in the last quarter. Sawgrass Asset Management LLC purchased a new position in shares of Elevance Health in the fourth quarter valued at $385,000. Barlow Wealth Partners Inc. acquired a new position in shares of Elevance Health during the 4th quarter worth $1,027,000. Finally, Patrick M Sweeney & Associates Inc. acquired a new stake in Elevance Health in the 4th quarter valued at about $574,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Mizuho boosted their price target on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. UBS Group increased their price target on Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Wells Fargo & Company lifted their price objective on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Finally, Jefferies Financial Group lifted their price target on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $587.42.

Elevance Health Trading Down 0.5 %

Shares of ELV stock traded down $2.82 during mid-day trading on Wednesday, reaching $533.35. The company’s stock had a trading volume of 776,999 shares, compared to its average volume of 1,042,833. The company’s 50 day simple moving average is $514.57 and its 200-day simple moving average is $490.26. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $542.07. The firm has a market capitalization of $123.96 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 1.16 and a beta of 0.79.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.46 earnings per share. On average, research analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. Elevance Health’s dividend payout ratio is presently 24.64%.

Insider Activity

In related news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total value of $7,531,605.14. Following the completion of the transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Elevance Health Company Profile

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.