Flputnam Investment Management Co. Cuts Stake in Elevance Health, Inc. $ELV

Key Points

• Flputnam Investment Management Co. has reduced its stake in Elevance Health by 17.6% during the first quarter, now holding 3,716 shares worth approximately $1.6 million.
• Earnings results showed Elevance Health reported $8.84 earnings per share, missing estimates of $9.30, but achieved a revenue of $49.42 billion, exceeding expectations.
• A quarterly dividend of $1.71 has been declared, representing an annualized payout of $6.84 and a dividend yield of 2.1%, with a payout ratio of 29.11%.

Flputnam Investment Management Co. decreased its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 17.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,716 shares of the company's stock after selling 792 shares during the quarter. Flputnam Investment Management Co.'s holdings in Elevance Health were worth $1,616,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Private Wealth Management Group LLC raised its stake in Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after purchasing an additional 38 shares in the last quarter. WPG Advisers LLC acquired a new stake in Elevance Health in the 1st quarter worth about $29,000. Riverview Trust Co raised its position in shares of Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after buying an additional 67 shares in the last quarter. North Capital Inc. acquired a new position in shares of Elevance Health in the 1st quarter valued at approximately $36,000. Finally, Saudi Central Bank acquired a new position in shares of Elevance Health in the 1st quarter valued at approximately $40,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Trading Up 1.9%

Shares of NYSE:ELV traded up $5.74 during trading on Friday, reaching $313.79. The stock had a trading volume of 1,861,540 shares, compared to its average volume of 2,037,073. The firm's fifty day moving average is $312.04 and its 200 day moving average is $373.45. 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 52 week low of $273.71 and a 52 week high of $559.95. The stock has a market cap of $70.66 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 1.13 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 company had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same quarter in the previous year, the firm earned $10.12 EPS. The firm's revenue was up 14.3% on a year-over-year basis. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. Elevance Health's dividend payout ratio is currently 29.11%.

Insider Activity

In related news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction that occurred 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 completion of the transaction, the director 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 acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gail Boudreaux bought 8,500 shares of the business's stock in a transaction on Friday, July 18th. The shares were acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ELV has been the subject of several analyst reports. Barclays boosted their target price on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a research report on Thursday. Wells Fargo & Company dropped their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. UBS Group dropped their target price on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a research report on Friday. Robert W. Baird dropped their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Finally, 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 report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $411.06.

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.