Elevance Health, Inc. $ELV Stake Lessened by Hardy Reed LLC

Key Points

• Hardy Reed LLC decreased its stake in Elevance Health by 39% during Q2, holding 3,576 shares valued at approximately $1.39 million.
• CEO Gail Boudreaux purchased 8,500 shares at $286.94 each, increasing her ownership by approximately 5.96% and bringing her total holdings to over $43 million.
• Analysts remain mixed on Elevance Health, with rating revisions resulting in price targets ranging from $297 to $425, with an average rating of "Moderate Buy."

Hardy Reed LLC lessened its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 39.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,576 shares of the company's stock after selling 2,285 shares during the period. Hardy Reed LLC's holdings in Elevance Health were worth $1,391,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ELV. NBC Securities Inc. acquired a new position in shares of Elevance Health in the 1st quarter valued at about $90,000. UMB Bank n.a. grew its position in Elevance Health by 5.1% during the first quarter. UMB Bank n.a. now owns 2,893 shares of the company's stock valued at $1,258,000 after purchasing an additional 141 shares in the last quarter. Wedmont Private Capital increased its stake in Elevance Health by 32.6% in the 1st quarter. Wedmont Private Capital now owns 1,483 shares of the company's stock valued at $652,000 after buying an additional 365 shares during the period. Miracle Mile Advisors LLC lifted its position in Elevance Health by 9.4% in the 1st quarter. Miracle Mile Advisors LLC now owns 1,306 shares of the company's stock worth $568,000 after buying an additional 112 shares in the last quarter. Finally, KMG Fiduciary Partners LLC acquired a new stake in shares of Elevance Health during the 1st quarter valued at $340,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In other news, CEO Gail Boudreaux bought 8,500 shares of the business's stock in a transaction on Friday, July 18th. The stock was purchased at an average price 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 in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the transaction, the director owned 3,502 shares of the company's stock, valued at $1,093,149.30. The trade was a 52.13% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ELV shares. UBS Group dropped their price target on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research note on Friday, September 5th. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Wells Fargo & Company cut their price target on Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, August 15th. Robert W. Baird lowered their price target on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Finally, Argus restated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $411.06.

Elevance Health Stock Performance

Shares of NYSE ELV opened at $350.08 on Tuesday. The business's 50-day simple moving average is $309.26 and its 200-day simple moving average is $360.14. 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, Inc. has a 52 week low of $273.71 and a 52 week high of $510.24. The firm has a market cap of $78.83 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 1.28 and a beta of 0.59.

Elevance Health (NYSE:ELV - Get Free Report) last posted 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). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The company had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same quarter last year, the firm posted $10.12 earnings per share. The firm's revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, equities research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were paid a $1.71 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.0%. Elevance Health's dividend payout ratio (DPR) is presently 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.

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