Elevance Health, Inc. (NYSE:ELV) Shares Sold by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. reduced its stake in Elevance Health by 72%, now holding 18,192 shares valued at approximately $7.9 million following the sale of 46,793 shares in Q1.
• Elevance Health's recent earnings report revealed an EPS of $8.84, falling short of analysts' expectations of $9.30, despite a revenue of $49.42 billion for the quarter.
• The company declared a quarterly dividend of $1.71 per share, with a dividend yield of 2.5%, payable on September 25th to investors recorded by September 10th.

iA Global Asset Management Inc. cut its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 72.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 18,192 shares of the company's stock after selling 46,793 shares during the period. iA Global Asset Management Inc.'s holdings in Elevance Health were worth $7,913,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ELV. GAMMA Investing LLC increased its holdings in shares of Elevance Health by 81,726.5% during the 1st 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 during the last quarter. D1 Capital Partners L.P. acquired a new stake in shares of Elevance Health during the 4th quarter worth $294,751,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Elevance Health by 4.6% during 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 buying an additional 464,137 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Elevance Health by 48.7% during the 4th quarter. First Trust Advisors LP now owns 1,267,396 shares of the company's stock worth $467,542,000 after buying an additional 414,989 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in shares of Elevance Health by 247.7% during the 4th quarter. Two Sigma Investments LP now owns 501,494 shares of the company's stock worth $185,001,000 after buying an additional 357,257 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were bought 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 owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

Elevance Health Stock Performance

NYSE ELV traded up $10.85 during trading hours on Friday, reaching $294.33. The company's stock had a trading volume of 2,405,015 shares, compared to its average volume of 3,306,601. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The business has a 50-day simple moving average of $340.17 and a 200 day simple moving average of $385.42. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $567.26. The stock has a market cap of $66.28 billion, a PE ratio of 12.52, a PEG ratio of 1.04 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last issued its earnings results 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 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 the consensus estimate of $48.26 billion. During the same period in the prior year, the business earned $10.12 EPS. The business's revenue was up 14.3% on a year-over-year basis. Equities research analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm 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 dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is 29.11%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ELV. Leerink Partners reiterated a "market perform" rating and issued a $310.00 price target (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Wells Fargo & Company lowered their price target on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating 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. Finally, Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.