Allspring Global Investments Holdings LLC Sells 21,881 Shares of Elevance Health, Inc. (NYSE:ELV)

Allspring Global Investments Holdings LLC cut its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 38.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 35,259 shares of the company's stock after selling 21,881 shares during the period. Allspring Global Investments Holdings LLC's holdings in Elevance Health were worth $15,256,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. CIBC Private Wealth Group LLC grew its position in shares of Elevance Health by 82.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock valued at $276,073,000 after purchasing an additional 326,543 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in Elevance Health during the 1st quarter valued at about $299,000. GAMMA Investing LLC grew its holdings in Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after buying an additional 1,588 shares in the last quarter. Ritholtz Wealth Management increased its position in shares of Elevance Health by 185.7% during the first quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock valued at $1,341,000 after buying an additional 2,004 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Elevance Health by 36.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after buying an additional 7,410 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the transaction, the chief financial officer directly owned 18,977 shares of the company's stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wall Street Zen raised shares of Elevance Health from a "hold" rating to a "buy" rating in a research note on Thursday, March 20th. Guggenheim restated a "buy" rating and set a $518.00 price target on shares of Elevance Health in a research report on Wednesday, April 23rd. Truist Financial set a $500.00 price objective on Elevance Health and gave the stock a "buy" rating in a research report on Monday, June 9th. Sanford C. Bernstein restated an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Finally, Barclays lowered their price target on Elevance Health from $522.00 to $480.00 and set an "overweight" rating on the stock in a report on Monday, June 2nd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $498.87.

Elevance Health Trading Down 0.4%

NYSE:ELV traded down $1.33 during mid-day trading on Friday, reaching $348.92. 2,006,213 shares of the company's stock traded hands, compared to its average volume of 1,607,108. The company has a 50 day moving average price of $387.65 and a 200-day moving average price of $398.19. The firm has a market capitalization of $78.83 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 0.88 and a beta of 0.60. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. Elevance Health, Inc. has a 12-month low of $347.21 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS 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 company had revenue of $48.77 billion during the quarter, compared to the consensus estimate of $46.26 billion. On average, sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

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.