Elevance Health, Inc. $ELV Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Elevance Health by 8.8%, now holding approximately 5.79 million shares, valued at $2.52 billion.
• Multiple analysts have issued price target revisions for Elevance Health, with Cantor Fitzgerald maintaining an "overweight" rating at $485.00, while Wells Fargo lowered its target to $330.00.
• The company announced a quarterly $1.71 dividend, with a yield of 2.2%, payable on September 25th to investors of record by September 10th.

Wellington Management Group LLP lessened its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 8.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,794,794 shares of the company's stock after selling 560,738 shares during the period. Wellington Management Group LLP owned about 2.56% of Elevance Health worth $2,520,504,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Accredited Wealth Management LLC bought a new stake in shares of Elevance Health in the fourth quarter worth $25,000. Private Wealth Management Group LLC increased its stake in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares during the last quarter. Riverview Trust Co increased its stake in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after buying an additional 67 shares during the last quarter. North Capital Inc. bought a new stake in shares of Elevance Health in the first quarter worth $36,000. Finally, Orion Capital Management LLC bought a new stake in shares of Elevance Health in the fourth quarter worth $39,000. Institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on ELV shares. Cantor Fitzgerald restated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Wells Fargo & Company dropped their price target on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday. Argus restated a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $413.81.

Elevance Health Stock Up 4.5%

ELV stock opened at $308.86 on Monday. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $567.26. The firm's 50-day simple moving average is $331.51 and its 200 day simple moving average is $381.53. The stock has a market cap of $69.55 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.13 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last announced 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). The company had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.12 EPS. As a group, sell-side analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

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

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, for a total transaction 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 represents a 5.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

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.

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