Kingsview Wealth Management LLC Cuts Stake in Elevance Health, Inc. $ELV

Key Points

• Kingsview Wealth Management cut its Elevance Health stake by 37.4% in the second quarter, selling 9,199 shares and retaining 15,424 shares valued at approximately $5.97 million. Institutional investors collectively own 89.24% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and eight Holds producing a “Moderate Buy” consensus and an average price target of $440.90.
• Elevance reported quarterly EPS of $7.45, beating expectations by $1.24, while revenue reached $49.83 billion. The company also declared a quarterly dividend of $1.72 per share, equivalent to a 1.7% annual yield.

Kingsview Wealth Management LLC lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 37.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,424 shares of the company's stock after selling 9,199 shares during the period. Kingsview Wealth Management LLC's holdings in Elevance Health were worth $5,965,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Elevance Health in the 2nd quarter worth approximately $7,344,424,000. Wellington Management Group LLP lifted its stake in Elevance Health by 25.2% in the fourth quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company's stock valued at $2,906,051,000 after purchasing an additional 1,668,679 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Elevance Health by 27.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company's stock valued at $2,610,261,000 after purchasing an additional 1,607,274 shares during the period. Artisan Partners Limited Partnership increased its position in Elevance Health by 10.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 5,032,751 shares of the company's stock worth $1,764,231,000 after buying an additional 455,946 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its position in Elevance Health by 0.6% in the fourth quarter. First Eagle Investment Management LLC now owns 4,022,874 shares of the company's stock worth $1,410,219,000 after buying an additional 24,271 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ELV. Raymond James Financial set a $450.00 price target on Elevance Health in a research report on Tuesday, July 7th. Royal Bank Of Canada decreased their price objective on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating for the company in a report on Thursday, July 16th. Truist Financial boosted their price objective on Elevance Health from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Barclays dropped their price objective on shares of Elevance Health from $480.00 to $457.00 and set an "overweight" rating on the stock in a report on Thursday, July 16th. Finally, Leerink Partners increased their target price on shares of Elevance Health from $364.00 to $395.00 and gave the stock a "market perform" rating in a research report on Friday, July 17th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $440.90.

Insiders Place Their Bets

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

Elevance Health Trading Down 1.0%

NYSE:ELV opened at $395.28 on Friday. Elevance Health, Inc. has a 1 year low of $274.84 and a 1 year high of $436.24. The stock's fifty day moving average price is $395.36 and its two-hundred day moving average price is $362.06. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The company has a market cap of $85.72 billion, a P/E ratio of 17.57, a P/E/G ratio of 2.28 and a beta of 0.68.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion during the quarter, compared to analysts' expectations of $48.88 billion. During the same period in the previous year, the business earned $8.84 earnings per share. The firm's quarterly revenue was up .8% compared to the same quarter last year. As a group, analysts expect that Elevance Health, Inc. will post 27.18 EPS for the current year.

Elevance Health Dividend Announcement

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