Naviter Wealth LLC Decreases Stock Position in Elevance Health, Inc. (NYSE:ELV)

Naviter Wealth LLC cut its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 33.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,331 shares of the company's stock after selling 1,193 shares during the period. Naviter Wealth LLC's holdings in Elevance Health were worth $1,007,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Elevance Health by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company's stock valued at $7,926,028,000 after purchasing an additional 138,380 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Elevance Health by 4.6% in the fourth 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 purchasing an additional 464,137 shares during the period. Wellington Management Group LLP boosted its holdings in Elevance Health by 42.5% in the fourth quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after purchasing an additional 1,893,947 shares during the period. Geode Capital Management LLC boosted its holdings in Elevance Health by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company's stock valued at $1,826,447,000 after purchasing an additional 115,971 shares during the period. Finally, Sanders Capital LLC boosted its holdings in Elevance Health by 1.7% in the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock valued at $1,728,722,000 after purchasing an additional 76,896 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the business's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the transaction, the chief financial officer now owns 18,977 shares in the company, valued at $8,061,809.14. The trade was a 19.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ELV shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Wall Street Zen raised Elevance Health from a "hold" rating to a "buy" rating in a report on Thursday, March 20th. Barclays decreased their price target on Elevance Health from $522.00 to $480.00 and set an "overweight" rating for the company in a report on Monday, June 2nd. Guggenheim reaffirmed a "buy" rating and set a $518.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Finally, Baird R W downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $498.87.

Elevance Health Stock Up 2.2%

ELV opened at $381.25 on Monday. The business's 50-day simple moving average is $392.98 and its 200-day simple moving average is $398.78. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43. Elevance Health, Inc. has a one year low of $357.45 and a one year high of $567.26. The stock has a market capitalization of $86.14 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 0.97 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $48.77 billion for the quarter, compared to analysts' expectations of $46.26 billion. Analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend was Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

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.

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