LGT Group Foundation Sells 40,557 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• LGT Group Foundation significantly reduced its stake in Elevance Health by selling 40,557 shares, diminishing its holdings by 95.1% to just 2,107 shares worth $916,000.
• The company's CEO, Gail Boudreaux, recently increased her ownership by purchasing 8,500 shares at approximately $286.94 per share, bringing her total holdings to 151,020 shares.
• Elevance Health's latest earnings report revealed a quarterly revenue of $49.42 billion but a miss on EPS expectations, reporting $8.84 compared to the consensus estimate of $9.30.

LGT Group Foundation decreased its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 95.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,107 shares of the company's stock after selling 40,557 shares during the quarter. LGT Group Foundation's holdings in Elevance Health were worth $916,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Nuveen LLC acquired a new position in shares of Elevance Health during the 1st quarter valued at about $789,943,000. 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 valued at $641,355,000 after acquiring an additional 1,472,712 shares during the last quarter. D1 Capital Partners L.P. acquired a new position in shares of Elevance Health during the 4th quarter valued at about $294,751,000. Vanguard Group Inc. increased its holdings in shares of Elevance Health by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after acquiring an additional 666,534 shares during the last quarter. Finally, 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 valued at $3,917,004,000 after acquiring an additional 464,137 shares during the last quarter. Institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ELV. Barclays lowered their price objective on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. JPMorgan Chase & Co. lowered their price objective on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Royal Bank Of Canada restated an "outperform" rating and set a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Finally, Wall Street Zen downgraded Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $413.81.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux purchased 8,500 shares of Elevance Health stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the transaction, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by company insiders.

Elevance Health Price Performance

ELV stock traded up $13.43 during midday trading on Friday, reaching $308.86. 3,414,700 shares of the company's stock traded hands, compared to its average volume of 3,067,415. The company has a 50-day simple moving average of $331.51 and a two-hundred day simple moving average of $381.78. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $567.26. The company has a market cap of $69.55 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 1.08 and a beta of 0.58. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). The company had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The firm's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the company earned $10.12 EPS. On average, analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health's dividend payout ratio is 29.11%.

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.