Victory Capital Management Inc. Trims Stock Position in Elevance Health, Inc. (NYSE:ELV)

Victory Capital Management Inc. decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 49.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 126,434 shares of the company's stock after selling 124,855 shares during the period. Victory Capital Management Inc. owned 0.06% of Elevance Health worth $54,994,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Elevance Health by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company's stock valued at $7,926,028,000 after acquiring an additional 138,380 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Elevance Health by 4.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after acquiring an additional 464,137 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Elevance Health by 42.5% during the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after acquiring an additional 1,893,947 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Elevance Health by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company's stock worth $1,826,447,000 after purchasing an additional 115,971 shares during the last quarter. Finally, Sanders Capital LLC boosted its holdings in Elevance Health by 1.7% in the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock worth $1,728,722,000 after purchasing an additional 76,896 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Elevance Health Trading Up 1.9%

Elevance Health stock traded up $5.19 during trading hours on Tuesday, hitting $281.64. The company had a trading volume of 3,503,806 shares, compared to its average volume of 1,690,322. The firm has a market cap of $63.42 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.01 and a beta of 0.60. 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 1 year low of $274.40 and a 1 year high of $567.26. The company has a 50-day moving average price of $371.52 and a two-hundred day moving average price of $396.02.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly 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 business had revenue of $49.42 billion during the quarter, compared to analysts' expectations 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 company posted $10.12 EPS. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders 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 2.43%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ELV. Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Leerink Partnrs cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Truist Financial lowered their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Royal Bank Of Canada restated an "outperform" rating and set a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, UBS Group lowered their target price on shares of Elevance Health from $555.00 to $484.00 and set a "buy" rating on the stock in a research note on Monday, July 14th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $432.69.

Insider Transactions at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated 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 in the company, valued at $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of the company's stock in a transaction on Friday, July 18th. The shares were bought at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate 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.