Elevance Health, Inc. $ELV Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC has reduced its holdings in Elevance Health by 1.9%, owning about 276,455 shares valued at approximately $107 million after selling 5,419 shares in the second quarter.
• Analysts have mixed ratings on Elevance Health, with Barclays raising its price target to $373, while Robert W. Baird lowered it to $297, leading to an average price target of $411.06.
• Elevance Health announced a quarterly dividend of $1.71 per share, reflecting an annualized dividend of $6.84 and a yield of 1.9%, with a payout ratio of 29.11%.

DAVENPORT & Co LLC trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 1.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 276,455 shares of the company's stock after selling 5,419 shares during the quarter. DAVENPORT & Co LLC owned about 0.12% of Elevance Health worth $107,059,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC boosted its stake in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. WPG Advisers LLC acquired a new stake in shares of Elevance Health in the first quarter valued at $29,000. North Capital Inc. bought a new position in Elevance Health during the first quarter valued at about $36,000. Saudi Central Bank acquired a new position in Elevance Health during the first quarter worth about $40,000. Finally, Berbice Capital Management LLC bought a new stake in Elevance Health in the first quarter worth about $43,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Barclays raised their price objective on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a research report on Thursday, September 4th. Guggenheim reduced their target price on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a report on Friday, July 18th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Robert W. Baird reduced their price objective 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, Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Twelve research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Elevance Health currently has an average rating of "Moderate Buy" and an average price target of $411.06.

Insider Activity at Elevance Health

In related news, Director Susan D. Devore bought 1,200 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction on Friday, July 18th. The shares were bought 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 in the company, valued at approximately $43,333,678.80. This trade represents 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 Trading Up 3.2%

NYSE ELV opened at $351.11 on Monday. The firm's 50 day moving average price is $307.98 and its two-hundred day moving average price is $360.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $510.24. The stock has a market cap of $79.06 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 1.28 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (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 business had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the previous year, the company earned $10.12 EPS. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. Equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health's dividend payout ratio is 29.11%.

Elevance Health Profile

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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