Pacer Advisors Inc. Lowers Holdings in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Pacer Advisors Inc. drastically reduced its stake in Elevance Health by 58.8% during the first quarter, now owning 11,877 shares valued at approximately $5.17 million.
• Recent earnings report showed Elevance Health missed EPS expectations but experienced a notable revenue increase of 14.3% year-over-year, totaling $49.42 billion.
• The company announced a quarterly dividend of $1.71 per share, representing a 2.39% dividend yield and a payout ratio of 29.11%.

Pacer Advisors Inc. reduced its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 58.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,877 shares of the company's stock after selling 16,960 shares during the period. Pacer Advisors Inc.'s holdings in Elevance Health were worth $5,166,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP grew its position in Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after acquiring an additional 1,893,947 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Elevance Health by 81,726.5% in the first 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 stake in Elevance Health during the 4th quarter worth approximately $294,751,000. Price T Rowe Associates Inc. MD increased its stake in Elevance Health by 4.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock worth $3,917,004,000 after buying an additional 464,137 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Elevance Health by 48.7% during the 4th quarter. First Trust Advisors LP now owns 1,267,396 shares of the company's stock worth $467,542,000 after buying an additional 414,989 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on ELV. Baird R W downgraded shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. UBS Group reissued a "buy" rating and set a $484.00 target price (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research report on Wednesday, April 23rd. Leerink Partners reissued a "market perform" rating and set a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Finally, Robert W. Baird cut their target price on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and an average price target of $418.19.

Insider Activity at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction dated Friday, July 18th. The stock was acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is owned by insiders.

Elevance Health Stock Down 1.9%

Shares of NYSE ELV traded down $5.50 during mid-day trading on Friday, reaching $277.58. The company had a trading volume of 1,052,347 shares, compared to its average volume of 1,922,714. The firm has a 50 day simple moving average of $351.82 and a two-hundred day simple moving average of $389.87. 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, Inc. has a 52-week low of $274.40 and a 52-week high of $567.26. The stock has a market cap of $62.50 billion, a P/E ratio of 11.81, a PEG ratio of 1.08 and a beta of 0.60.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the company earned $10.12 earnings per share. Sell-side analysts predict that Elevance Health, Inc. will post 33.96 earnings per share 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 issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

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.