Generate Investment Management Ltd Sells 36,848 Shares of Elevance Health, Inc. (NYSE:ELV)

Generate Investment Management Ltd cut its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 49.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,089 shares of the company's stock after selling 36,848 shares during the period. Elevance Health comprises approximately 1.1% of Generate Investment Management Ltd's holdings, making the stock its 28th largest position. Generate Investment Management Ltd's holdings in Elevance Health were worth $16,132,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ELV. Wealthspire Advisors LLC increased its stake in shares of Elevance Health by 22.4% in the fourth quarter. Wealthspire Advisors LLC now owns 1,028 shares of the company's stock worth $379,000 after acquiring an additional 188 shares during the last quarter. Howard Capital Management Inc. grew its stake in Elevance Health by 5.0% in the fourth quarter. Howard Capital Management Inc. now owns 1,524 shares of the company's stock valued at $562,000 after purchasing an additional 72 shares in the last quarter. Crestwood Advisors Group LLC increased its position in Elevance Health by 26.9% in the 4th quarter. Crestwood Advisors Group LLC now owns 669 shares of the company's stock worth $247,000 after purchasing an additional 142 shares during the last quarter. Impax Asset Management Group plc raised its stake in shares of Elevance Health by 1.1% during the 4th quarter. Impax Asset Management Group plc now owns 25,596 shares of the company's stock worth $9,442,000 after purchasing an additional 291 shares in the last quarter. Finally, National Pension Service raised its stake in shares of Elevance Health by 4.1% during the 4th quarter. National Pension Service now owns 493,614 shares of the company's stock worth $182,094,000 after purchasing an additional 19,542 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on ELV shares. Guggenheim restated a "buy" rating and issued a $518.00 price objective on shares of Elevance Health in a report on Wednesday, April 23rd. Argus set a $465.00 price target on shares of Elevance Health in a research note on Friday, April 25th. Wall Street Zen upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Baird R W cut shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, Robert W. Baird reissued a "neutral" rating and set a $529.00 target price (down from $625.00) on shares of Elevance Health in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $498.87.

Insider Transactions at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

Elevance Health Stock Performance

NYSE:ELV traded up $2.43 during trading hours on Thursday, hitting $376.29. 309,380 shares of the company traded hands, compared to its average volume of 1,701,274. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. Elevance Health, Inc. has a twelve month low of $357.45 and a twelve month high of $567.26. The firm has a 50-day moving average of $394.86 and a 200 day moving average of $398.76. The stock has a market capitalization of $85.01 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 0.96 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $46.26 billion. On average, analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th were given a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.82%. Elevance Health's dividend payout ratio is currently 26.69%.

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.