Elevance Health, Inc. $ELV Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. has reduced its stake in Elevance Health by 3.5%, now owning 59,294 shares valued at $25.79 million.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health for approximately $2.44 million, increasing her stock ownership by 5.96%.
• Analysts have recently lowered their price targets for Elevance Health, with Morgan Stanley reducing its target from $428 to $316, reflecting a cautious sentiment in the market.

Corebridge Financial Inc. trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 3.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,294 shares of the company's stock after selling 2,154 shares during the quarter. Corebridge Financial Inc.'s holdings in Elevance Health were worth $25,791,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC lifted its position in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after acquiring an additional 38 shares during the period. Accredited Wealth Management LLC acquired a new stake in Elevance Health during the 4th quarter worth approximately $25,000. Riverview Trust Co lifted its position in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after acquiring an additional 67 shares during the period. North Capital Inc. acquired a new stake in Elevance Health during the 1st quarter worth approximately $36,000. Finally, Berbice Capital Management LLC acquired a new stake in Elevance Health during the 1st quarter worth approximately $43,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux acquired 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was 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 directly owned 151,020 shares of the company's stock, 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 SEC, which is available through the SEC website. Also, Director Susan D. Devore acquired 1,200 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% 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.

Analysts Set New Price Targets

A number of research firms have weighed in on ELV. Morgan Stanley decreased their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Barclays cut their target price on Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Argus reissued a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Robert W. Baird cut their target price on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Finally, Wells Fargo & Company cut their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, August 15th. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $413.81.

Elevance Health Stock Performance

Shares of ELV stock opened at $315.8370 on Monday. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $567.26. The company has a market cap of $71.12 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 1.16 and a beta of 0.58. The stock has a 50 day simple moving average of $324.18 and a 200-day simple moving average of $378.47. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last released 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 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 previous year, the business earned $10.12 earnings per share. The business's revenue for the quarter was up 14.3% on a year-over-year basis. On average, equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed 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. This represents a $6.84 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 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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