Elevance Health, Inc. $ELV Shares Sold by Brooklands Fund Management Ltd

Key Points

• Brooklands Fund Management cut its Elevance Health position by 39.5% in the third quarter, selling 8,347 shares and retaining 12,760 shares valued at approximately $4.96 million.
• Elevance Health reported quarterly results above expectations, with EPS of $6.99 versus the $4.71 consensus and revenue of $50.44 billion. The company also declared a $1.72 quarterly dividend, equivalent to a 1.6% yield.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $456.48, while institutional investors own 89.24% of the company’s stock.

Brooklands Fund Management Ltd lowered its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 39.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,760 shares of the company's stock after selling 8,347 shares during the quarter. Elevance Health accounts for about 0.7% of Brooklands Fund Management Ltd's holdings, making the stock its 28th largest position. Brooklands Fund Management Ltd's holdings in Elevance Health were worth $4,961,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Field & Main Bank boosted its position in Elevance Health by 1.3% during the 2nd quarter. Field & Main Bank now owns 1,883 shares of the company's stock worth $728,000 after acquiring an additional 25 shares during the period. Simplicity Wealth LLC increased its holdings in shares of Elevance Health by 1.3% in the 3rd quarter. Simplicity Wealth LLC now owns 1,939 shares of the company's stock valued at $754,000 after purchasing an additional 25 shares during the period. Tranquilli Financial Advisor LLC increased its holdings in shares of Elevance Health by 1.3% in the 2nd quarter. Tranquilli Financial Advisor LLC now owns 2,081 shares of the company's stock valued at $805,000 after purchasing an additional 26 shares during the period. Mather Group LLC. lifted its position in shares of Elevance Health by 3.5% in the third quarter. Mather Group LLC. now owns 766 shares of the company's stock worth $298,000 after purchasing an additional 26 shares in the last quarter. Finally, 55 North Private Wealth LLC lifted its position in shares of Elevance Health by 4.5% in the third quarter. 55 North Private Wealth LLC now owns 598 shares of the company's stock worth $233,000 after purchasing an additional 26 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Price Performance

NYSE ELV opened at $421.48 on Friday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $91.06 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 1.98 and a beta of 0.70. Elevance Health, Inc. has a 12-month low of $274.84 and a 12-month high of $450.69. The company has a 50 day moving average price of $410.17 and a two-hundred day moving average price of $372.09.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $6.99 EPS for the quarter, topping the consensus estimate of $4.71 by $2.28. The company had revenue of $50.44 billion for the quarter, compared to analyst estimates of $49.28 billion. Elevance Health had a net margin of 2.55% and a return on equity of 14.97%. Elevance Health's quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.03 EPS. As a group, equities analysts predict that Elevance Health, Inc. will post 29.13 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be issued a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, December 4th. Elevance Health's payout ratio is 29.34%.

Insider Transactions at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 10,584 shares of the company's stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $440.13, for a total transaction of $4,658,335.92. Following the completion of the sale, the chief financial officer owned 19,919 shares of the company's stock, valued at $8,766,949.47. This represents a 34.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

ELV has been the subject of several research reports. Robert W. Baird raised their price target on shares of Elevance Health from $393.00 to $406.00 and gave the stock a "neutral" rating in a report on Thursday, October 22nd. UBS Group increased their target price on shares of Elevance Health from $460.00 to $523.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Leerink Partners lifted their target price on shares of Elevance Health from $364.00 to $395.00 and gave the company a "market perform" rating in a research note on Friday, July 17th. Mizuho set a $490.00 price target on shares of Elevance Health in a report on Friday, October 23rd. Finally, Guggenheim upped their price target on shares of Elevance Health from $460.00 to $485.00 and gave the stock a "buy" rating in a research note on Thursday, October 22nd. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $456.48.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a diversified health benefits company that provides health insurance and related services in the United States. Its offerings serve employers, individuals and families, as well as members of government-sponsored programs, including Medicare and Medicaid. The company provides medical, pharmacy, behavioral health and other benefits through a range of health plans and specialty products.

Elevance Health operates its health benefits businesses through a portfolio that includes Blue Cross and Blue Shield-affiliated plans and other insurance offerings.

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