Federated Hermes Inc. Has $12.39 Million Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Federated Hermes Inc. has reduced its holdings in Elevance Health, Inc. by 9.7%, now owning 28,474 shares worth approximately $12.4 million, as per the latest SEC filing.
• The CEO, Gail Boudreaux, bought 8,500 shares of Elevance Health stock for nearly $2.44 million, increasing her total stake in the company significantly.
• Elevance Health recently reported quarterly earnings of $8.84 EPS, missing analysts' expectations, while revenues reached $49.42 billion, exceeding forecasts by $1.16 billion.

Federated Hermes Inc. trimmed its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 9.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,474 shares of the company's stock after selling 3,060 shares during the quarter. Federated Hermes Inc.'s holdings in Elevance Health were worth $12,385,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Milestone Asset Management LLC raised its holdings in shares of Elevance Health by 2.2% during the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after buying an additional 24 shares during the period. GLOBALT Investments LLC GA raised its holdings in shares of Elevance Health by 0.4% during the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after buying an additional 24 shares during the period. Elser Financial Planning Inc raised its holdings in shares of Elevance Health by 3.0% during the 1st quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after buying an additional 26 shares during the period. Checchi Capital Advisers LLC raised its holdings in shares of Elevance Health by 1.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after buying an additional 27 shares during the period. Finally, Prudent Man Advisors LLC raised its holdings in shares of Elevance Health by 2.3% during the 1st quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company's stock valued at $547,000 after buying an additional 28 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the business's stock in a transaction on Friday, July 18th. The shares were purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the purchase, the chief executive officer directly 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.29% of the stock is owned by insiders.

Elevance Health Stock Performance

NYSE:ELV traded up $0.94 during midday trading on Wednesday, reaching $277.35. 1,443,101 shares of the company traded hands, compared to its average volume of 1,946,084. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $567.26. The firm has a market capitalization of $62.45 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 1.01 and a beta of 0.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The company has a fifty day moving average price of $345.92 and a 200 day moving average price of $387.54.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data 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). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same quarter in the prior year, the firm earned $10.12 EPS. The company's revenue for the quarter was up 14.3% compared to the same quarter last year. On average, analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.5%. Elevance Health's payout ratio is presently 29.11%.

Wall Street Analyst Weigh In

Several brokerages recently commented on ELV. Guggenheim dropped their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Morgan Stanley dropped their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Wells Fargo & Company dropped their price objective on Elevance Health from $478.00 to $400.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Finally, Barclays dropped their price objective on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Elevance Health presently has a consensus rating of "Moderate Buy" and a consensus target price of $418.19.

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.