Park Avenue Securities LLC Cuts Stock Position in Elevance Health, Inc. $ELV

Key Points

• Park Avenue Securities LLC has reduced its stake in Elevance Health, Inc. by 12.5%, owning 8,708 shares valued at approximately $3.39 million after selling 1,241 shares in the second quarter.
• Analyst ratings for Elevance Health are mixed, with a consensus rating of "Moderate Buy" and an average target price of $411.06, reflecting a reduction in target prices from various analysts.
• CEO Gail Boudreaux bought 8,500 shares at $286.94 each, increasing her ownership in the company, and the firm recently declared a quarterly dividend of $1.71 per share, representing a yield of 2.1%.

Park Avenue Securities LLC decreased its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 12.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,708 shares of the company's stock after selling 1,241 shares during the quarter. Park Avenue Securities LLC's holdings in Elevance Health were worth $3,387,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of ELV. Private Wealth Management Group LLC raised its position 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 worth $27,000 after purchasing an additional 38 shares during the last quarter. WPG Advisers LLC purchased a new position in Elevance Health in the first quarter worth about $29,000. Riverview Trust Co lifted its stake in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after buying an additional 67 shares in the last quarter. North Capital Inc. purchased a new stake in shares of Elevance Health during the first quarter valued at approximately $36,000. Finally, Saudi Central Bank bought a new stake in shares of Elevance Health during the first quarter valued at approximately $40,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. Truist Financial reduced their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Argus reissued a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Royal Bank Of Canada restated an "outperform" rating and set a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Wells Fargo & Company decreased their price objective on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, August 15th. Finally, Leerink Partners restated a "market perform" rating and issued a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $411.06.

Insiders Place Their Bets

In other news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan D. Devore bought 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

Elevance Health Trading Up 1.9%

Shares of ELV stock opened at $323.80 on Wednesday. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $534.74. The firm has a fifty day moving average price of $302.36 and a 200-day moving average price of $366.44. The company has a market cap of $72.91 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.16 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44.

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 the consensus estimate of $9.30 by ($0.46). The company had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. Elevance Health's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $10.12 earnings per share. As a group, equities analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 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.

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