Cynosure Group LLC Decreases Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Cynosure Group LLC reduced its stake in Elevance Health, Inc. by 85.1% in the first quarter, leaving them with just 856 shares valued at $372,000.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock at an average cost of $286.94, reflecting a significant increase in her position.
• Equities analysts have downgraded Elevance Health's stock, with a consensus rating of "Moderate Buy" and an average price target of $418.19.

Cynosure Group LLC lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 85.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 856 shares of the company's stock after selling 4,879 shares during the period. Cynosure Group LLC's holdings in Elevance Health were worth $372,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Milestone Asset Management LLC lifted its holdings in shares of Elevance Health by 2.2% during the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after purchasing an additional 24 shares during the last quarter. GLOBALT Investments LLC GA lifted its holdings in shares of Elevance Health by 0.4% during the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after purchasing an additional 24 shares during the last quarter. Elser Financial Planning Inc lifted its holdings in shares of Elevance Health by 3.0% during the 1st quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after purchasing an additional 26 shares during the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Elevance Health by 1.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after purchasing an additional 27 shares during the last quarter. Finally, Hemington Wealth Management increased its position in shares of Elevance Health by 13.3% in the 1st quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after acquiring an additional 27 shares during the period. Hedge funds and other institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Guggenheim cut their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Truist Financial cut their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research report on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, Elevance Health presently has a consensus rating of "Moderate Buy" and an average price target of $418.19.

Insiders Place Their Bets

In related news, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. This represents a 5.96% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Elevance Health Trading Up 3.8%

ELV stock opened at $294.33 on Friday. The company's 50-day simple moving average is $340.17 and its 200-day simple moving average is $385.39. 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, Inc. has a 52-week low of $273.71 and a 52-week high of $567.26. The firm has a market cap of $66.28 billion, a P/E ratio of 12.52, a PEG ratio of 1.08 and a beta of 0.58.

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

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.3%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

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.

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