Elevance Health, Inc. (NYSE:ELV) Shares Sold by SouthState Corp

Key Points

• SouthState Corp reduced its stake in Elevance Health, selling 1,439 shares and holding a total of 37,140 shares valued at approximately $16.15 million.
• CEO Gail Boudreaux increased her ownership by purchasing 8,500 shares for around $2.44 million, bringing her total shares to 151,020.
• Elevance Health reported earnings of $8.84 per share for the last quarter, falling short of expectations, despite a 14.3% year-over-year revenue increase to $49.42 billion.

SouthState Corp lowered its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 3.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,140 shares of the company's stock after selling 1,439 shares during the quarter. SouthState Corp's holdings in Elevance Health were worth $16,154,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. CWA Asset Management Group LLC acquired a new position in shares of Elevance Health during the 1st quarter valued at $299,000. GAMMA Investing LLC lifted its holdings in shares of Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock valued at $1,475,000 after acquiring an additional 1,588 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in shares of Elevance Health by 185.7% during the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock valued at $1,341,000 after acquiring an additional 2,004 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company's stock valued at $2,922,000 after acquiring an additional 913 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Elevance Health by 36.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock valued at $11,991,000 after acquiring an additional 7,410 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the acquisition, the chief executive officer 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.29% of the company's stock.

Elevance Health Price Performance

ELV opened at $294.33 on Friday. The company has a 50-day moving average of $340.17 and a 200-day moving average of $385.39. The company has a market capitalization of $66.28 billion, a P/E ratio of 12.52, a PEG ratio of 1.08 and a beta of 0.58. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $567.26. 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 released 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). The company had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm posted $10.12 EPS. Equities analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced 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 of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.3%. Elevance Health's payout ratio is presently 29.11%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. UBS Group restated a "buy" rating and set a $484.00 target price (down previously from $555.00) on shares of Elevance Health in a report on Monday, July 14th. Cantor Fitzgerald restated an "overweight" rating and set a $485.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Wells Fargo & Company dropped their price target on shares of Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. JPMorgan Chase & Co. dropped their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 22nd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $418.19.

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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