Ballentine Partners LLC Reduces Position in Elevance Health, Inc. $ELV

Key Points

• Ballentine Partners LLC reduced its stake in Elevance Health, Inc. by 41.0% during the second quarter, owning 1,211 shares valued at $471,000 after selling 840 shares.
• Vanguard Group Inc. and Orbis Allan Gray Ltd both increased their positions in Elevance Health, with Vanguard holding over $9.6 billion worth of shares after a 3.1% increase.
• Despite a 14.3% year-over-year revenue increase, Elevance Health reported earnings per share (EPS) of $8.84, missing estimates by $0.46 for the last quarter.

Ballentine Partners LLC trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 41.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,211 shares of the company's stock after selling 840 shares during the quarter. Ballentine Partners LLC's holdings in Elevance Health were worth $471,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Elevance Health by 3.1% during the first 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 last quarter. Orbis Allan Gray Ltd lifted its holdings in Elevance Health by 31.4% during the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company's stock valued at $1,239,276,000 after buying an additional 680,228 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Elevance Health by 13.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company's stock valued at $1,164,041,000 after buying an additional 324,040 shares during the period. Invesco Ltd. boosted its position in 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 buying an additional 24,833 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in Elevance Health by 1.5% in the 1st quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company's stock worth $845,394,000 after acquiring an additional 29,174 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Guggenheim dropped their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Morgan Stanley cut their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Finally, Wells Fargo & Company dropped their price objective on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, August 15th. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and an average price target of $411.06.

Elevance Health Stock Performance

Shares of ELV opened at $318.13 on Friday. The company's 50 day simple moving average is $303.14 and its 200-day simple moving average is $364.47. The firm has a market cap of $71.64 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.17 and a beta of 0.59. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $528.52. 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 (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.12 EPS. As a group, equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

Insider Activity

In other news, CEO Gail Boudreaux purchased 8,500 shares of the company's stock in a transaction dated Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan D. Devore bought 1,200 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were acquired 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 in the company, 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 owned by insiders.

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.

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