Voya Investment Management LLC Decreases Position in Elevance Health, Inc. $ELV

Key Points

• Voya Investment Management LLC significantly reduced its holdings in Elevance Health by 57.7%, selling over 117,000 shares, which left them with approximately $37.5 million in stock.
• Elevance Health reported a quarterly EPS of $8.84, falling short of analysts' estimates of $9.30, though its revenue grew by 14.3% year-over-year.
• The company declared a $1.71 quarterly dividend, which translates to an annual yield of 2.2% based on its payout ratio of 29.11%.

Voya Investment Management LLC cut its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 57.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 86,231 shares of the company's stock after selling 117,522 shares during the quarter. Voya Investment Management LLC's holdings in Elevance Health were worth $37,507,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Milestone Asset Management LLC boosted its position in Elevance Health by 2.2% during the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock worth $488,000 after purchasing an additional 24 shares in the last quarter. GLOBALT Investments LLC GA boosted its position 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 purchasing an additional 24 shares in the last quarter. Elser Financial Planning Inc boosted its position in Elevance Health by 3.0% during 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 in the last quarter. Checchi Capital Advisers LLC boosted its position in Elevance Health by 1.0% during 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 in the last quarter. Finally, Hemington Wealth Management boosted its position in Elevance Health by 13.3% during the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock worth $100,000 after purchasing an additional 27 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Susan D. Devore bought 1,200 shares of the firm's stock in a transaction dated 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 completion of the transaction, the director directly owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was bought at an average cost 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. Corporate insiders own 0.29% of the company's stock.

Elevance Health Trading Up 0.9%

Elevance Health stock traded up $2.87 during trading on Tuesday, hitting $309.78. The company's stock had a trading volume of 2,059,509 shares, compared to its average volume of 1,981,528. The stock has a market capitalization of $69.76 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 1.14 and a beta of 0.59. The stock's fifty day moving average is $305.70 and its 200 day moving average is $369.80. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $554.03. 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 announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $10.12 earnings per share. As a group, equities research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Royal Bank Of Canada restated an "outperform" rating and issued a $478.00 price objective on shares of Elevance Health in a research report on Wednesday, June 4th. Wells Fargo & Company reduced their price objective on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, August 15th. Leerink Partners restated a "market perform" rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Finally, Robert W. Baird reduced their price objective on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $411.06.

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.