MAI Capital Management Has $3.34 Million Holdings in Elevance Health, Inc. $ELV

Key Points

• MAI Capital Management reduced its stake in Elevance Health by 40.4%, now holding 7,688 shares worth $3.34 million after selling 5,218 shares in Q1.
• Analysts have set new price targets for Elevance Health, with Guggenheim lowering their target from $447 to $360, while UBS aims for $484, reflecting a consensus rating of "Moderate Buy".
• Elevance Health announced a quarterly dividend of $1.71 per share, to be paid on September 25th, with an annualized yield of 2.1%.

MAI Capital Management lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 40.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,688 shares of the company's stock after selling 5,218 shares during the quarter. MAI Capital Management's holdings in Elevance Health were worth $3,344,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ELV. Cura Wealth Advisors LLC purchased a new stake in Elevance Health during the first quarter valued at approximately $274,000. Quarry LP acquired a new position in shares of Elevance Health during the 1st quarter worth approximately $117,000. Saudi Central Bank purchased a new stake in shares of Elevance Health during the first quarter worth $40,000. DRW Securities LLC acquired a new stake in shares of Elevance Health in the 1st quarter worth $225,000. Finally, Baird Financial Group Inc. lifted its holdings in Elevance Health by 157.7% in the first quarter. Baird Financial Group Inc. now owns 41,575 shares of the company's stock valued at $18,083,000 after acquiring an additional 25,443 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Insider Activity

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was bought at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction 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 acquisition, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This 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.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ELV. Morgan Stanley decreased their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Argus reiterated a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Leerink Partners reaffirmed a "market perform" rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Truist Financial lowered their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, UBS Group dropped their price objective on Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a report on Friday. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $411.06.

Elevance Health Price Performance

Shares of NYSE:ELV traded up $5.74 during trading hours on Friday, hitting $313.79. 1,861,540 shares of the company's stock traded hands, compared to its average volume of 2,009,927. The company has a market cap of $70.66 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 1.15 and a beta of 0.59. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $559.95. The company's fifty day simple moving average is $312.04 and its two-hundred day simple moving average is $373.20. 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 (NYSE:ELV - Get Free Report) last released its earnings results 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). The firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The business's revenue was up 14.3% on a year-over-year basis. During the same period last year, the business earned $10.12 earnings per share. As a group, equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

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

Elevance Health Company 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.