Federated Hermes Inc. Sells 3,060 Shares of 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. decreased its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 hedge funds have also added to or reduced their stakes in ELV. GAMMA Investing LLC grew its holdings in Elevance Health by 81,726.5% during the first quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock worth $641,355,000 after buying an additional 1,472,712 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in Elevance Health during the 4th quarter worth $294,751,000. Price T Rowe Associates Inc. MD grew its stake in shares of Elevance Health by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock worth $3,917,004,000 after acquiring an additional 464,137 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Elevance Health by 48.7% in the 4th quarter. First Trust Advisors LP now owns 1,267,396 shares of the company's stock worth $467,542,000 after acquiring an additional 414,989 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Elevance Health by 247.7% in the fourth quarter. Two Sigma Investments LP now owns 501,494 shares of the company's stock valued at $185,001,000 after purchasing an additional 357,257 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on ELV. Truist Financial cut their price target on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Wall Street Zen cut shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Robert W. Baird decreased their price target on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Finally, Guggenheim dropped their price target on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $418.19.

Insider Activity

In other news, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was bought at an average price 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 $43,333,678.80. This represents a 5.96% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.29% of the company's stock.

Elevance Health Stock Performance

Shares of ELV stock traded down $8.98 on Friday, hitting $274.10. 3,380,911 shares of the stock were exchanged, compared to its average volume of 3,196,180. Elevance Health, Inc. has a one year low of $273.84 and a one year high of $567.26. The firm's 50 day moving average is $349.86 and its two-hundred day moving average is $389.08. The firm has a market capitalization of $61.72 billion, a PE ratio of 11.66, a P/E/G ratio of 1.01 and a beta of 0.58. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last posted 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). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The business had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the previous year, the business earned $10.12 EPS. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. Sell-side analysts expect that Elevance Health, Inc. will post 33.96 earnings per share 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 issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 29.11%.

Elevance Health Company 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.