Northwest & Ethical Investments L.P. Trims Stake in Elevance Health, Inc. $ELV

Key Points

• Northwest & Ethical Investments L.P. reduced its stake in Elevance Health by 42.4%, owning 15,588 shares after selling 11,455 shares in the first quarter.
• Analysts have mixed ratings for Elevance Health, with a consensus price target of $413.81 and several firms lowering their expectations for the company's stock.
• Elevance Health recently announced a quarterly dividend of $1.71 per share, reflecting a 2.2% yield and a payout ratio of 29.11%.

Northwest & Ethical Investments L.P. cut its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 42.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,588 shares of the company's stock after selling 11,455 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in Elevance Health were worth $6,780,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Accredited Wealth Management LLC purchased a new stake in shares of Elevance Health in the 4th quarter valued at about $25,000. Private Wealth Management Group LLC lifted its holdings in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares during the last quarter. Riverview Trust Co lifted its holdings in shares of Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares during the last quarter. North Capital Inc. purchased a new stake in shares of Elevance Health in the 1st quarter valued at about $36,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Elevance Health in the 4th quarter valued at about $39,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Truist Financial lowered their price target on Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Wells Fargo & Company lowered their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday. Argus reiterated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Finally, Morgan Stanley reduced their price target 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. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Elevance Health has an average rating of "Moderate Buy" and a consensus price target of $413.81.

Elevance Health Trading Up 4.5%

Shares of NYSE:ELV opened at $308.86 on Monday. The stock has a market capitalization of $69.55 billion, a PE ratio of 13.14, a P/E/G ratio of 1.13 and a beta of 0.58. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $567.26. The firm has a fifty day moving average price of $331.51 and a 200 day moving average price of $381.53. The company has a current ratio of 1.44, a quick 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 for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm 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 revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the firm earned $10.12 EPS. Analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

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

Insider Activity at Elevance Health

In related news, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The stock was acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.29% of the company's stock.

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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