ARGA Investment Management LP Sells 72,692 Shares of Elevance Health, Inc. $ELV

Key Points

• ARGA Investment Management LP cut its Elevance Health stake by 26.2% in the first quarter, selling 72,692 shares and leaving it with 205,063 shares worth about $60.0 million.
• Despite the sale, institutional ownership remains high, with 89.24% of Elevance Health shares held by institutional investors. The stock also remains a meaningful holding for ARGA, representing about 2.0% of its portfolio.
• Wall Street remains upbeat on Elevance Health, with 15 Buy ratings and nine Hold ratings, and a consensus price target of $425.95. Recent analyst price targets were raised by UBS, Cantor Fitzgerald, RBC, Citi, and Raymond James.

ARGA Investment Management LP reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 26.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 205,063 shares of the company's stock after selling 72,692 shares during the quarter. Elevance Health accounts for approximately 2.0% of ARGA Investment Management LP's holdings, making the stock its 11th biggest position. ARGA Investment Management LP owned 0.09% of Elevance Health worth $60,032,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Sound View Wealth Advisors Group LLC raised its position in shares of Elevance Health by 3.0% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,011 shares of the company's stock valued at $354,000 after buying an additional 29 shares during the last quarter. Fulton Breakefield Broenniman LLC grew its position in Elevance Health by 3.6% during the fourth quarter. Fulton Breakefield Broenniman LLC now owns 825 shares of the company's stock worth $289,000 after buying an additional 29 shares in the last quarter. Perigon Wealth Management LLC grew its position in Elevance Health by 2.2% during the fourth quarter. Perigon Wealth Management LLC now owns 1,371 shares of the company's stock worth $481,000 after buying an additional 29 shares in the last quarter. Savvy Advisors Inc. increased its stake in Elevance Health by 3.2% during the fourth quarter. Savvy Advisors Inc. now owns 979 shares of the company's stock valued at $343,000 after acquiring an additional 30 shares during the period. Finally, CoreCap Advisors LLC raised its holdings in Elevance Health by 6.1% in the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the company's stock valued at $195,000 after acquiring an additional 32 shares in the last quarter. 89.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of research reports. UBS Group raised their price objective on Elevance Health from $400.00 to $460.00 and gave the stock a "buy" rating in a research report on Friday, May 22nd. Cantor Fitzgerald boosted their price objective on Elevance Health from $400.00 to $450.00 and gave the company an "overweight" rating in a research report on Tuesday. Royal Bank Of Canada upped their target price on Elevance Health from $358.00 to $439.00 and gave the company a "sector perform" rating in a research note on Thursday. Citigroup upgraded shares of Elevance Health to a "buy" rating in a research note on Wednesday, April 29th. Finally, Raymond James Financial set a $450.00 price target on shares of Elevance Health in a report on Tuesday. Fifteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus price target of $425.95.

Elevance Health Trading Down 0.9%

Shares of ELV opened at $416.54 on Friday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $427.64. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.70. The stock has a 50 day simple moving average of $397.16 and a 200-day simple moving average of $353.48. The stock has a market cap of $90.46 billion, a PE ratio of 17.72, a PEG ratio of 2.38 and a beta of 0.67.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $12.58 EPS for the quarter, beating the consensus estimate of $10.74 by $1.84. Elevance Health had a return on equity of 15.58% and a net margin of 2.62%.The business had revenue of $49.49 billion for the quarter, compared to analyst estimates of $48.21 billion. During the same quarter in the previous year, the firm earned $11.97 EPS. Elevance Health's quarterly revenue was up 1.5% on a year-over-year basis. Elevance Health has set its FY 2026 guidance at 19.850- EPS. On average, sell-side analysts predict that Elevance Health, Inc. will post 26.86 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Wednesday, June 10th were issued a $1.72 dividend. The ex-dividend date of this dividend was Wednesday, June 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.7%. Elevance Health's dividend payout ratio is presently 29.26%.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.34% of the company's stock.

Elevance Health 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.

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