MetLife Investment Management LLC Lowers Stake in Elevance Health, Inc. $ELV

Key Points

• MetLife Investment Management LLC reduced its holdings in Elevance Health by 1.8%, now owning 61,871 shares valued at approximately $26.91 million.
• Elevance Health reported earnings per share (EPS) of $8.84, missing the consensus estimate of $9.30, though it achieved a year-over-year revenue increase of 14.3%.
• The company has a dividend yield of 2.2%, with a quarterly dividend of $1.71 declared for September 25th, reflecting a payout ratio of 29.11%.

MetLife Investment Management LLC reduced its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 61,871 shares of the company's stock after selling 1,166 shares during the quarter. MetLife Investment Management LLC's holdings in Elevance Health were worth $26,911,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. CWA Asset Management Group LLC acquired a new position in shares of Elevance Health in the 1st quarter worth approximately $299,000. GAMMA Investing LLC lifted its holdings in shares of Elevance Health by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after acquiring an additional 1,588 shares during the last quarter. Ritholtz Wealth Management lifted its holdings in shares of Elevance Health by 185.7% in the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after acquiring an additional 2,004 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock worth $2,922,000 after buying an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Elevance Health by 36.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after buying an additional 7,410 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Elevance Health Stock Down 1.3%

Shares of NYSE:ELV traded down $4.11 during trading hours on Tuesday, reaching $309.89. The stock had a trading volume of 1,843,408 shares, compared to its average volume of 2,413,302. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $567.26. The firm's 50 day moving average is $321.63 and its 200-day moving average is $377.46. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market capitalization of $69.78 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 1.15 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $48.26 billion. During the same period in the prior year, the company posted $10.12 earnings per share. The company's revenue for the quarter was up 14.3% on a year-over-year basis. Research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ELV. Truist Financial reduced their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Morgan Stanley reduced their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Guggenheim reduced their target price on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Finally, Robert W. Baird reduced their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $413.81.

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.