OMERS ADMINISTRATION Corp Cuts Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• OMERS ADMINISTRATION Corp has decreased its stake in Elevance Health, Inc. by 39.4%, now holding 188,233 shares valued at approximately $81.87 million.
• Recent analyst reports show mixed ratings for Elevance Health, with Barclays lowering its price target from $434 to $358, while Royal Bank of Canada maintains an outperform rating with a price objective of $478.
• Elevance Health announced a quarterly dividend of $1.71 per share, representing an annualized payout of $6.84 and a yield of 2.2%.

OMERS ADMINISTRATION Corp decreased its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 39.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 188,233 shares of the company's stock after selling 122,191 shares during the quarter. OMERS ADMINISTRATION Corp owned 0.08% of Elevance Health worth $81,874,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Elevance Health by 3.1% during the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock worth $9,635,281,000 after acquiring an additional 666,534 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Elevance Health by 9.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,352,163 shares of the company's stock worth $867,713,000 after acquiring an additional 199,550 shares during the period. Invesco Ltd. increased its position in shares of Elevance Health by 1.2% during the first quarter. Invesco Ltd. now owns 2,116,289 shares of the company's stock worth $920,501,000 after acquiring an additional 24,833 shares during the period. Ameriprise Financial Inc. increased its position in shares of Elevance Health by 1.5% during the first quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company's stock worth $845,394,000 after acquiring an additional 29,174 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Elevance Health during the first quarter worth $789,943,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the purchase, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan D. Devore bought 1,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the purchase, the director directly owned 3,502 shares of the company's stock, valued at approximately $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 corporate insiders.

Analysts Set New Price Targets

ELV has been the topic of a number of recent research reports. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Morgan Stanley cut their price objective on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Guggenheim cut their price objective on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. JPMorgan Chase & Co. dropped their target price 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, Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and an average price target of $413.81.

Elevance Health Stock Performance

NYSE ELV traded up $8.59 during trading hours on Monday, hitting $319.00. The company had a trading volume of 3,115,324 shares, compared to its average volume of 2,222,173. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $567.26. The company has a market cap of $71.83 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.17 and a beta of 0.59. The business has a 50 day moving average of $317.92 and a 200-day moving average of $375.72.

Elevance Health (NYSE:ELV - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $48.26 billion. During the same quarter in the prior year, the company earned $10.12 EPS. The business'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 firm also recently announced 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 is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.1%. Elevance Health's dividend payout ratio is 29.11%.

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.