Acadian Asset Management LLC Reduces Stock Position in Elevance Health, Inc. $ELV

Key Points

• Acadian Asset Management LLC has reduced its stake in Elevance Health, cutting its holdings by 58.8%, resulting in ownership of only 3,521 shares valued at approximately $1.53 million.
• Analysts have recently dropped price targets for Elevance Health, with notable reductions from $510.00 to $310.00 by Leerink Partners, indicating a cautious outlook on the stock.
• The company announced a quarterly dividend of $1.71, which represents a 2.2% yield, and is scheduled for payment on September 25th to stockholders of record.

Acadian Asset Management LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 58.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,521 shares of the company's stock after selling 5,024 shares during the period. Acadian Asset Management LLC's holdings in Elevance Health were worth $1,529,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ELV. Vanguard Group Inc. increased its holdings in shares of Elevance Health by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock worth $9,635,281,000 after purchasing an additional 666,534 shares during the period. Orbis Allan Gray Ltd raised its holdings in Elevance Health by 31.4% in the first quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company's stock worth $1,239,276,000 after purchasing an additional 680,228 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Elevance Health by 13.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company's stock worth $1,164,041,000 after acquiring an additional 324,040 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Elevance Health by 9.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,352,163 shares of the company's stock valued at $867,713,000 after acquiring an additional 199,550 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Elevance Health by 1.2% in the 1st quarter. Invesco Ltd. now owns 2,116,289 shares of the company's stock valued at $920,501,000 after acquiring an additional 24,833 shares during the period. Institutional investors own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ELV shares. UBS Group lowered their price objective on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a research report on Friday, September 5th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $478.00 price objective on shares of Elevance Health in a research note on Wednesday, June 4th. Truist Financial reduced their price objective on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Wells Fargo & Company cut their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Finally, Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $411.06.

Elevance Health Stock Down 0.6%

Shares of ELV traded down $1.87 during midday trading on Friday, reaching $313.90. 3,015,351 shares of the company were exchanged, compared to its average volume of 1,942,901. The company has a market cap of $70.68 billion, a price-to-earnings ratio of 13.36, a P/E/G ratio of 1.16 and a beta of 0.59. The stock has a 50-day moving average price of $303.03 and a 200-day moving average price of $367.83. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $542.22.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The company had revenue of $49.42 billion during 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 quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.12 EPS. Research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is currently 29.11%.

Elevance Health 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.