Martingale Asset Management L P Lowers Position in Elevance Health, Inc. $ELV

Key Points

• Martingale Asset Management L P reduced its stake in Elevance Health by 33.2%, selling 9,629 shares and leaving it with 19,410 shares valued at approximately $8.44 million.
• Elevance Health reported quarterly earnings of $8.84 per share, which missed analysts' expectations, despite a revenue of $49.42 billion, exceeding estimates of $48.26 billion.
• The company declared a quarterly dividend of $1.71 per share, with an annualized dividend yield of 2.2%, payable on September 25th to shareholders recorded as of September 10th.

Martingale Asset Management L P decreased its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 33.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,410 shares of the company's stock after selling 9,629 shares during the quarter. Martingale Asset Management L P's holdings in Elevance Health were worth $8,443,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. Milestone Asset Management LLC lifted its stake in Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after buying an additional 24 shares during the period. GLOBALT Investments LLC GA boosted its stake in Elevance Health by 0.4% during the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock worth $2,743,000 after acquiring an additional 24 shares in the last quarter. Elser Financial Planning Inc grew its holdings in Elevance Health by 3.0% in the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock worth $384,000 after purchasing an additional 26 shares during the period. Checchi Capital Advisers LLC grew its holdings in Elevance Health by 1.0% in the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock worth $1,190,000 after purchasing an additional 27 shares during the period. Finally, Hemington Wealth Management increased its stake in Elevance Health by 13.3% in the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after purchasing an additional 27 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Performance

Shares of ELV stock traded up $6.2370 during trading hours on Friday, hitting $315.8370. 2,961,044 shares of the company were exchanged, compared to its average volume of 2,474,865. The firm has a fifty 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, Inc. has a 52-week low of $273.71 and a 52-week high of $567.26. The stock has a market capitalization of $71.12 billion, a price-to-earnings ratio of 13.44, a P/E/G ratio of 1.16 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS 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 quarter in the previous year, the company posted $10.12 EPS. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. Research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

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

Insider Activity

In related news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the purchase, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This trade represents a 5.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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, with a total value of $374,580.00. Following the purchase, the director owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

ELV has been the topic of a number of research reports. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Guggenheim cut their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Leerink Partners restated a "market perform" rating and set a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. JPMorgan Chase & Co. cut their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Finally, Morgan Stanley lowered their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $413.81.

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.