Elevance Health, Inc. $ELV Shares Sold by Maj Invest Holding A S

Key Points

• Maj Invest Holding A S cut its Elevance Health stake by 11.6% in the second quarter, selling 30,183 shares and retaining 229,987 shares valued at approximately $88.9 million. Institutional investors and hedge funds own 89.24% of the company.
• Analyst sentiment remains positive but mixed, with 15 Buy ratings and eight Hold ratings. Elevance has a “Moderate Buy” consensus rating and an average price target of $440.90.
• Elevance reported quarterly EPS of $7.45, beating estimates by $1.24, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, equivalent to a 1.7% annualized yield.

Maj Invest Holding A S reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 11.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 229,987 shares of the company's stock after selling 30,183 shares during the quarter. Elevance Health comprises approximately 4.0% of Maj Invest Holding A S's holdings, making the stock its 16th largest position. Maj Invest Holding A S owned 0.11% of Elevance Health worth $88,943,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ELV. WealthCollab LLC grew its position in shares of Elevance Health by 42.2% during the first quarter. WealthCollab LLC now owns 91 shares of the company's stock worth $27,000 after acquiring an additional 27 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in Elevance Health in the 4th quarter valued at about $31,000. J.Safra Asset Management Corp acquired a new position in Elevance Health during the 4th quarter valued at about $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Elevance Health during the 4th quarter valued at about $38,000. Finally, Main Street Group LTD bought a new position in Elevance Health in the 1st quarter worth about $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ELV has been the topic of several analyst reports. Leerink Partners raised their price target 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. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Raymond James Financial set a $450.00 target price on Elevance Health in a research report on Tuesday, July 7th. Morgan Stanley boosted their price target on Elevance Health from $352.00 to $404.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 4th. Finally, Barclays decreased their price target on Elevance Health from $480.00 to $457.00 and set an "overweight" rating for the company in a research note on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $440.90.

Insider Buying and Selling

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares of the company's stock, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.34% of the company's stock.

Elevance Health Price Performance

NYSE ELV opened at $394.27 on Friday. Elevance Health, Inc. has a 12 month low of $274.84 and a 12 month high of $436.24. The firm has a market capitalization of $85.51 billion, a PE ratio of 17.52, a P/E/G ratio of 2.27 and a beta of 0.68. The company's 50 day simple moving average is $396.55 and its 200 day simple moving average is $357.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. During the same period last year, the company posted $8.84 EPS. The firm's quarterly revenue was up .8% on a year-over-year basis. As a group, equities research analysts forecast that Elevance Health, Inc. will post 27.07 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health's payout ratio is presently 30.58%.

Elevance Health Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source