Elevance Health, Inc. (NYSE:ELV) Shares Sold by M&T Bank Corp

M&T Bank Corp trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 8.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 27,382 shares of the company's stock after selling 2,656 shares during the period. M&T Bank Corp's holdings in Elevance Health were worth $11,910,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. CIBC Private Wealth Group LLC increased its stake in shares of Elevance Health by 82.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock worth $276,073,000 after acquiring an additional 326,543 shares during the period. CWA Asset Management Group LLC acquired a new position in Elevance Health during the first quarter worth about $299,000. GAMMA Investing LLC grew its position in Elevance Health by 88.1% during the first quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after buying an additional 1,588 shares during the period. Ritholtz Wealth Management grew its position in Elevance Health by 185.7% during the first quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after buying an additional 2,004 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in Elevance Health by 36.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after buying an additional 7,410 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Argus set a $465.00 target price on shares of Elevance Health in a research report on Friday, April 25th. Barclays lowered their target price on shares of Elevance Health from $480.00 to $434.00 and set an "overweight" rating on the stock in a research report on Wednesday. Sanford C. Bernstein restated an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Truist Financial set a $500.00 price target on shares of Elevance Health and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, Baird R W lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $495.80.

Elevance Health Trading Down 1.7%

Shares of Elevance Health stock traded down $5.82 during trading hours on Friday, hitting $340.04. The company's stock had a trading volume of 1,698,140 shares, compared to its average volume of 1,631,093. Elevance Health, Inc. has a 1-year low of $337.61 and a 1-year high of $567.26. The business has a fifty day moving average of $380.88 and a 200 day moving average of $397.40. The company has a market capitalization of $76.83 billion, a PE ratio of 13.27, a P/E/G ratio of 0.88 and a beta of 0.60. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.66.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The company had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date was Tuesday, June 10th. Elevance Health's payout ratio is 26.69%.

Insiders Place Their Bets

In related news, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the sale, the chief financial officer directly owned 18,977 shares of the company's stock, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company's stock.

Elevance Health 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.