KBC Group NV Sells 15,256 Shares of Elevance Health, Inc. $ELV

Key Points

• KBC Group NV cut its Elevance Health stake by 19.6% in the first quarter, selling 15,256 shares and leaving it with 62,723 shares worth about $18.36 million.
• Elevance Health recently reported better-than-expected earnings, posting $7.45 EPS versus a $6.21 estimate and revenue of $49.83 billion, while analysts maintain a Moderate Buy consensus with an average target price of $440.90.
• The company also announced a quarterly dividend of $1.72 per share, payable September 25, which implies an annualized dividend of $6.88 and a yield of about 1.7%.

KBC Group NV lowered its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 19.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,723 shares of the company's stock after selling 15,256 shares during the quarter. KBC Group NV's holdings in Elevance Health were worth $18,363,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Signet Financial Management LLC increased its stake in Elevance Health by 3.5% during the first quarter. Signet Financial Management LLC now owns 837 shares of the company's stock worth $245,000 after acquiring an additional 28 shares during the last quarter. Fulton Breakefield Broenniman LLC lifted its stake in shares of Elevance Health by 3.6% in the 4th quarter. Fulton Breakefield Broenniman LLC now owns 825 shares of the company's stock valued at $289,000 after purchasing an additional 29 shares during the last quarter. Perigon Wealth Management LLC boosted its holdings in shares of Elevance Health by 2.2% in the 4th quarter. Perigon Wealth Management LLC now owns 1,371 shares of the company's stock worth $481,000 after purchasing an additional 29 shares during the period. Savvy Advisors Inc. increased its position in shares of Elevance Health by 3.2% during the 4th quarter. Savvy Advisors Inc. now owns 979 shares of the company's stock valued at $343,000 after purchasing an additional 30 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in shares of Elevance Health by 6.1% during the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the company's stock valued at $195,000 after purchasing an additional 32 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.34% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Evercore reiterated a "hold" rating on shares of Elevance Health in a research report on Tuesday, May 19th. Jefferies Financial Group cut their price target on shares of Elevance Health from $395.00 to $391.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Raymond James Financial set a $450.00 price objective on shares of Elevance Health in a research note on Tuesday, July 7th. Citigroup raised Elevance Health to a "buy" rating in a research note on Wednesday, April 29th. Finally, Truist Financial boosted their price objective on Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Trading Up 2.9%

Shares of NYSE ELV opened at $393.46 on Wednesday. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $436.24. The business has a fifty day moving average price of $399.56 and a 200 day moving average price of $355.93. The stock has a market capitalization of $85.33 billion, a P/E ratio of 17.49, a price-to-earnings-growth ratio of 2.20 and a beta of 0.67. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm's revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the business earned $8.84 EPS. Equities research analysts expect that Elevance Health, Inc. will post 27.08 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health's dividend payout ratio is currently 30.58%.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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