Elevance Health, Inc. (NYSE:ELV) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 71.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,990 shares of the company's stock after selling 96,170 shares during the period. Bank of Nova Scotia's holdings in Elevance Health were worth $16,524,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in ELV. Accredited Wealth Management LLC acquired a new stake in Elevance Health during the fourth quarter worth approximately $25,000. Private Wealth Management Group LLC boosted its holdings in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after buying an additional 38 shares in the last quarter. Riverview Trust Co raised its stake in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after acquiring an additional 67 shares in the last quarter. North Capital Inc. acquired a new stake in Elevance Health during the 1st quarter worth $36,000. Finally, Orion Capital Management LLC purchased a new position in shares of Elevance Health during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Down 3.2%

Shares of NYSE ELV opened at $274.10 on Monday. The stock has a market capitalization of $61.72 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 1.01 and a beta of 0.58. Elevance Health, Inc. has a 52 week low of $273.84 and a 52 week high of $567.26. The firm has a 50-day moving average price of $349.86 and a 200 day moving average price of $389.08. 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 (NYSE:ELV - Get Free Report) last posted its quarterly 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 for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. Elevance Health's revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $10.12 earnings per share. Equities research analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.5%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Morgan Stanley reduced their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a report on Friday, July 18th. JPMorgan Chase & Co. cut their target price on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. UBS Group reiterated a "buy" rating and set a $484.00 price target (down previously from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Argus reissued a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Finally, Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and a consensus price target of $418.19.

Insider Buying and Selling at Elevance Health

In other Elevance Health 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 acquired at an average cost 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by corporate insiders.

About Elevance Health

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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