Price T Rowe Associates Inc. MD decreased its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 13.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,142,563 shares of the company's stock after selling 1,475,499 shares during the period. Price T Rowe Associates Inc. MD owned 4.05% of Elevance Health worth $3,976,650,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELV. Nuveen LLC bought a new stake in Elevance Health during the first quarter worth approximately $789,943,000. GAMMA Investing LLC raised its holdings in Elevance Health by 81,726.5% during the first 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. D1 Capital Partners L.P. bought a new stake in Elevance Health during the fourth quarter worth approximately $294,751,000. Vanguard Group Inc. raised its holdings in 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 in the last quarter. Finally, Boston Partners raised its holdings in Elevance Health by 241.3% during the first 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 own 89.24% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on ELV shares. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Truist Financial decreased their price target on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Morgan Stanley decreased their price target 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, Leerink Partners restated a "market perform" rating and issued a $310.00 price target (down previously from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $413.81.
Check Out Our Latest Report on Elevance Health
Insider Activity at Elevance Health
In other news, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction on Friday, July 18th. The shares were purchased at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, 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 position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction on Tuesday, August 19th. The shares were purchased at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.
Elevance Health Trading Up 2.0%
NYSE ELV traded up $6.2370 on Friday, hitting $315.8370. 2,961,044 shares of the stock were exchanged, compared to its average volume of 2,567,187. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $567.26. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The company has a market capitalization of $71.12 billion, a price-to-earnings ratio of 13.44, a P/E/G ratio of 1.16 and a beta of 0.58. The company's 50-day moving average price is $324.18 and its two-hundred day moving average price is $378.55.
Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share 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 quarter in the previous year, the firm 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 EPS for the current year.
Elevance Health Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.
About Elevance Health
(
Free Report)
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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