GAM Holding AG Cuts Position in Elevance Health, Inc. (NYSE:ELV)

GAM Holding AG decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 15.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,417 shares of the company's stock after selling 2,292 shares during the quarter. GAM Holding AG's holdings in Elevance Health were worth $5,401,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of ELV. Norges Bank purchased a new stake in shares of Elevance Health during the fourth quarter worth $1,135,014,000. Wellington Management Group LLP grew its holdings 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 worth $2,344,556,000 after buying an additional 1,893,947 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of 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. First Eagle Investment Management LLC grew its holdings in shares of Elevance Health by 47.6% during the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company's stock worth $1,189,828,000 after buying an additional 1,039,612 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its holdings in shares of Elevance Health by 6,817.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company's stock worth $335,254,000 after buying an additional 895,658 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Trading Down 0.6%

NYSE ELV traded down $2.20 during trading hours on Friday, reaching $373.71. The company had a trading volume of 2,939,325 shares, compared to its average volume of 1,570,419. The stock has a 50-day moving average of $398.68 and a 200 day moving average of $399.11. Elevance Health, Inc. has a 1-year low of $357.45 and a 1-year high of $567.26. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $84.43 billion, a P/E ratio of 14.58, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, beating analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The company had revenue of $48.77 billion for the quarter, compared to analysts' expectations of $46.26 billion. As a group, research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.83%. Elevance Health's payout ratio is 26.69%.

Insider Buying and Selling

In related news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

ELV has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Baird R W lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Barclays dropped their price objective on shares of Elevance Health from $522.00 to $480.00 and set an "overweight" rating for the company in a report on Monday, June 2nd. Argus set a $465.00 price objective on shares of Elevance Health in a report on Friday, April 25th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Elevance Health in a report on Friday, March 28th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $498.87.

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.