Concord Wealth Partners Sells 1,983 Shares of Elevance Health, Inc. (NYSE:ELV)

Concord Wealth Partners reduced its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 83.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 405 shares of the company's stock after selling 1,983 shares during the quarter. Concord Wealth Partners' holdings in Elevance Health were worth $176,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Elevance Health during the 4th quarter worth approximately $1,135,014,000. Wellington Management Group LLP grew its position in Elevance Health by 42.5% in the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after acquiring an additional 1,893,947 shares in the last quarter. GAMMA Investing LLC grew its position in Elevance Health by 81,726.5% in the first quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock valued at $641,355,000 after acquiring an additional 1,472,712 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in Elevance Health by 6,817.8% in the fourth quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company's stock valued at $335,254,000 after acquiring an additional 895,658 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Elevance Health in the fourth quarter valued at approximately $294,751,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

Shares of ELV traded down $25.58 on Friday, reaching $276.87. 8,379,827 shares of the stock traded hands, compared to its average volume of 1,670,815. The firm has a market cap of $62.55 billion, a price-to-earnings ratio of 11.78, a P/E/G ratio of 0.88 and a beta of 0.60. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.43. Elevance Health, Inc. has a 12 month low of $276.41 and a 12 month high of $567.26. The stock's 50-day moving average price is $371.52 and its 200-day moving average price is $395.63.

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). The company had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. Elevance Health's quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.12 EPS. Equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

Analysts Set New Price Targets

ELV has been the subject of a number of recent analyst reports. Robert W. Baird reissued a "neutral" rating and set a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Argus set a $465.00 price objective on Elevance Health in a research note on Friday, April 25th. UBS Group restated a "buy" rating and set a $484.00 price objective (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Truist Financial reduced their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Mizuho raised their price objective on Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Elevance Health has a consensus rating of "Moderate Buy" and a consensus target price of $435.93.

Insider Buying and Selling at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the transaction, the chief financial officer owned 18,977 shares of the company's stock, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gail Boudreaux acquired 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

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.