Elevance Health, Inc. $ELV Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Elevance Health by 0.3%, holding 2,442,357 shares valued at over $1 billion after selling 6,671 shares in the first quarter.
• CEO Gail Boudreaux increased her ownership by purchasing 8,500 shares at $286.94 each, raising her total holdings to 151,020 shares.
• Elevance Health announced a $1.71 quarterly dividend scheduled for September 25th, representing a 2.2% yield, with a payout ratio of 29.11%.

Northern Trust Corp lowered its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 0.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,442,357 shares of the company's stock after selling 6,671 shares during the quarter. Northern Trust Corp owned 1.08% of Elevance Health worth $1,062,328,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new position in Elevance Health in the 1st quarter valued at $789,943,000. GAMMA Investing LLC lifted its holdings in Elevance Health by 81,726.5% in the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock valued at $641,355,000 after purchasing an additional 1,472,712 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in Elevance Health in the 4th quarter valued at $294,751,000. Vanguard Group Inc. lifted its holdings in Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after purchasing an additional 666,534 shares in the last quarter. Finally, Boston Partners lifted its holdings in Elevance Health by 241.3% in the 1st quarter. Boston Partners now owns 856,737 shares of the company's stock valued at $372,039,000 after purchasing an additional 605,689 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Truist Financial decreased their price objective on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Leerink Partners restated a "market perform" rating and issued a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Guggenheim decreased their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. JPMorgan Chase & Co. decreased 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. Finally, Wells Fargo & Company reduced their price target on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, August 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and an average price target of $413.81.

Elevance Health Trading Up 2.0%

Shares of NYSE ELV traded up $6.2370 during trading on Friday, hitting $315.8370. 2,961,044 shares of the company were exchanged, compared to its average volume of 2,474,865. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $567.26. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The company has a fifty day moving average price of $324.18 and a 200-day moving average price of $378.47. The firm has a market capitalization of $71.12 billion, a PE ratio of 13.44, a P/E/G ratio of 1.16 and a beta of 0.58.

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

Elevance Health Announces Dividend

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

Insider Activity

In related news, CEO Gail Boudreaux acquired 8,500 shares of Elevance Health stock in a transaction that occurred on Friday, July 18th. The shares were purchased 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 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 at this hyperlink. Also, Director Susan D. Devore acquired 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

About Elevance Health

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.