Clark Capital Management Group Inc. Sells 12,363 Shares of Elevance Health, Inc. $ELV

Key Points

• Clark Capital Management Group Inc. sold 94.4% of its shares in Elevance Health, reducing its stake to 727 shares valued at $316,000.
• Elevance Health reported a net margin of 2.83% and a revenue of $49.42 billion for the latest quarter, though it missed earnings expectations with an EPS of $8.84.
• The company announced a quarterly dividend of $1.71 per share, with a dividend yield of 2.2% and a payout ratio of 29.11%.

Clark Capital Management Group Inc. lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 94.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 727 shares of the company's stock after selling 12,363 shares during the period. Clark Capital Management Group Inc.'s holdings in Elevance Health were worth $316,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ELV. Nuveen LLC acquired a new stake in shares of Elevance Health in the 1st quarter worth about $789,943,000. GAMMA Investing LLC grew its position in Elevance Health by 81,726.5% in the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock worth $641,355,000 after purchasing an additional 1,472,712 shares in the last quarter. Orbis Allan Gray Ltd grew its position in Elevance Health by 31.4% in the 1st 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 in the last quarter. Vanguard Group Inc. grew its position in Elevance Health by 3.1% in 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 in the last quarter. Finally, Boston Partners grew its position in Elevance Health by 241.3% in the 1st quarter. Boston Partners now owns 856,737 shares of the company's stock worth $372,039,000 after purchasing an additional 605,689 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

In other news, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction on Friday, July 18th. The stock was purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by company insiders.

Elevance Health Stock Performance

ELV traded up $0.31 on Friday, hitting $315.20. The company's stock had a trading volume of 601,079 shares, compared to its average volume of 1,975,434. The company's 50 day simple moving average is $307.25 and its 200-day simple moving average is $371.33. The firm has a market cap of $70.98 billion, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 1.12 and a beta of 0.59. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $559.95. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. During the same period in the previous year, the business earned $10.12 earnings per share. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. Analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Wall Street Analysts Forecast Growth

ELV has been the subject of a number of recent analyst reports. UBS Group reduced 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. Wells Fargo & Company reduced their price objective 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. Barclays upped their price objective on shares of Elevance Health from $327.00 to $373.00 and gave the stock an "overweight" rating in a research report on Thursday, September 4th. Leerink Partnrs downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $411.06.

About Elevance Health

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.