Greenleaf Trust Sells 906 Shares of Elevance Health, Inc. $ELV

Key Points

• Greenleaf Trust reduced its stake in Elevance Health, Inc. by 13.2%, selling 906 shares and holding a total of 5,960 shares valued at approximately $2.3 million.
• Elevance Health reported $8.84 earnings per share for the last quarter, missing estimates of $9.30, although revenue increased by 14.3% year-over-year to $49.42 billion.
• The company recently announced a quarterly dividend of $1.71 per share, reflecting an annualized dividend yield of 2.1%.

Greenleaf Trust lowered its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 13.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,960 shares of the company's stock after selling 906 shares during the period. Greenleaf Trust's holdings in Elevance Health were worth $2,318,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ELV. Private Wealth Management Group LLC grew its position in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after buying an additional 38 shares during the last quarter. WPG Advisers LLC acquired a new position in Elevance Health during the 1st quarter valued at approximately $29,000. Riverview Trust Co increased its stake in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares in the last quarter. North Capital Inc. acquired a new position in Elevance Health during the 1st quarter valued at approximately $36,000. Finally, Saudi Central Bank acquired a new position in Elevance Health during the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Up 1.0%

ELV opened at $322.89 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $524.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The company has a fifty day moving average of $304.83 and a two-hundred day moving average of $363.10. The stock has a market capitalization of $72.71 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 1.17 and a beta of 0.59.

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 for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm's quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm posted $10.12 EPS. On average, research analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. Elevance Health's dividend payout ratio is presently 29.11%.

Analyst Ratings Changes

A number of brokerages have issued reports 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 research note on Wednesday, July 16th. Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Wells Fargo & Company reduced their price target on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Argus reissued a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Elevance Health presently has an average rating of "Moderate Buy" and a consensus target price of $411.06.

Insiders Place Their Bets

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction dated Friday, July 18th. The stock was acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is owned by corporate insiders.

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.

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