Northwestern Mutual Wealth Management Co. Boosts Stock Position in Elevance Health, Inc. $ELV

Key Points

• Northwestern Mutual Wealth Management Co. increased its stake in Elevance Health, acquiring an additional 8,421 shares, bringing their total ownership to 149,709 shares valued at approximately $65.12 million.
• Elevance Health reported a quarterly earnings miss with an EPS of $8.84, falling short of the consensus estimate by $0.46, despite a year-over-year revenue increase of 14.3% to $49.42 billion.
• The company declared a quarterly dividend of $1.71 per share, providing investors with an annualized yield of 2.2%, with the dividend payout ratio being 29.11%.

Northwestern Mutual Wealth Management Co. increased its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,709 shares of the company's stock after buying an additional 8,421 shares during the quarter. Northwestern Mutual Wealth Management Co. owned about 0.07% of Elevance Health worth $65,118,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Allstate Corp grew its stake in shares of Elevance Health by 11.0% in the 1st quarter. Allstate Corp now owns 7,689 shares of the company's stock valued at $3,344,000 after purchasing an additional 762 shares during the last quarter. Kestra Advisory Services LLC raised its stake in shares of Elevance Health by 10.6% during the first quarter. Kestra Advisory Services LLC now owns 12,876 shares of the company's stock worth $5,601,000 after purchasing an additional 1,237 shares during the last quarter. Circle Wealth Management LLC acquired a new stake in shares of Elevance Health during the first quarter worth $379,000. Compound Planning Inc. grew its position in Elevance Health by 79.3% in the 1st quarter. Compound Planning Inc. now owns 1,178 shares of the company's stock valued at $513,000 after buying an additional 521 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in Elevance Health by 1.5% in the 1st quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company's stock valued at $845,394,000 after buying an additional 29,174 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux bought 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 acquisition, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the acquisition, the director directly owned 3,502 shares in the company, valued at approximately $1,093,149.30. This represents a 52.13% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on ELV shares. Robert W. Baird reduced their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Royal Bank Of Canada restated an "outperform" rating and issued a $478.00 price objective on shares of Elevance Health in a research report on Wednesday, June 4th. Barclays reduced their price target on shares of Elevance Health from $434.00 to $358.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Finally, Leerink Partners reiterated a "market perform" rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $413.81.

Elevance Health Trading Down 0.2%

ELV traded down $0.48 during midday trading on Wednesday, hitting $309.55. The company's stock had a trading volume of 1,462,873 shares, compared to its average volume of 1,971,405. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm has a market cap of $69.71 billion, a P/E ratio of 13.17, a PEG ratio of 1.15 and a beta of 0.58. The firm has a 50-day moving average price of $321.63 and a two-hundred day moving average price of $377.46. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the prior year, the firm earned $10.12 earnings per share. The firm's quarterly revenue was up 14.3% on a year-over-year basis. On average, research 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 disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. Elevance Health's payout ratio is currently 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.