Mizuho Securities USA LLC Sells 3,411 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• Mizuho Securities USA LLC reduced its stake in Elevance Health by 15.5%, owning 18,570 shares valued at approximately $8.08 million after selling 3,411 shares in the first quarter.
• CEO Gail Boudreaux purchased 8,500 shares of Elevance Health at an average price of $286.94 per share, increasing her total holdings to 151,020 shares.
• Elevance Health reported a quarterly revenue of $49.42 billion, exceeding expectations, but earnings per share of $8.84 fell short of consensus estimates of $9.30.

Mizuho Securities USA LLC trimmed its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 15.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,570 shares of the company's stock after selling 3,411 shares during the period. Mizuho Securities USA LLC's holdings in Elevance Health were worth $8,077,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Milestone Asset Management LLC increased its stake in Elevance Health by 2.2% in the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after acquiring an additional 24 shares during the last quarter. GLOBALT Investments LLC GA increased its stake in Elevance Health by 0.4% in the first quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after acquiring an additional 24 shares during the last quarter. Elser Financial Planning Inc increased its stake in Elevance Health by 3.0% in the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after acquiring an additional 26 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in Elevance Health by 1.0% in the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after acquiring an additional 27 shares during the last quarter. Finally, Hemington Wealth Management increased its stake in Elevance Health by 13.3% in the first quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after acquiring an additional 27 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Robert W. Baird reduced their target price on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Argus reaffirmed a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Morgan Stanley reduced their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. UBS Group reaffirmed a "buy" rating and set a $484.00 price objective (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and an average target price of $418.19.

Insider Activity

In other news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.29% of the company's stock.

Elevance Health Stock Down 1.1%

Shares of ELV stock traded down $3.19 during trading hours on Monday, hitting $290.80. 1,650,155 shares of the company's stock traded hands, compared to its average volume of 3,341,940. The stock's fifty day simple moving average is $338.45 and its two-hundred day simple moving average is $384.51. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $567.26. The stock has a market cap of $65.48 billion, a price-to-earnings ratio of 12.37, 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 released its 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). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The business had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. During the same quarter in the previous year, the business posted $10.12 earnings per share. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. On average, analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is presently 29.11%.

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.