PNC Financial Services Group Inc. Cuts Stock Holdings in Elevance Health, Inc. $ELV

Key Points

• PNC Financial Services Group reduced its Elevance Health stake by 21.9% in the first quarter, selling 17,291 shares and leaving it with 61,725 shares valued at about $18.1 million.
• Elevance Health reported better-than-expected Q2 results, with EPS of $7.45 versus the $6.21 estimate and revenue of $49.83 billion, slightly above forecasts.
• Wall Street remains mostly positive on the stock, with analysts assigning an overall Moderate Buy rating and an average price target of $440.90; the company also announced a quarterly dividend of $1.72 per share.

PNC Financial Services Group Inc. cut its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 21.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 61,725 shares of the company's stock after selling 17,291 shares during the period. PNC Financial Services Group Inc.'s holdings in Elevance Health were worth $18,070,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS purchased a new position in Elevance Health in the first quarter valued at $472,000. Andra AP fonden purchased a new stake in shares of Elevance Health during the 1st quarter worth about $2,588,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Elevance Health during the 1st quarter worth about $101,000. Johnson Financial Group Inc. grew its position in shares of Elevance Health by 7.5% during the 1st quarter. Johnson Financial Group Inc. now owns 15,831 shares of the company's stock valued at $4,635,000 after acquiring an additional 1,104 shares during the period. Finally, Commerzbank Aktiengesellschaft FI grew its position in shares of Elevance Health by 164.7% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 14,377 shares of the company's stock valued at $4,209,000 after acquiring an additional 8,946 shares during the period. Institutional investors and hedge funds own 89.24% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $395.00 price target on shares of Elevance Health in a report on Thursday, July 16th. Evercore reissued a "hold" rating on shares of Elevance Health in a report on Tuesday, May 19th. Barclays cut their price objective on Elevance Health from $480.00 to $457.00 and set an "overweight" rating for the company in a research report on Thursday, July 16th. Royal Bank Of Canada reduced their target price on Elevance Health from $439.00 to $424.00 and set a "sector perform" rating for the company in a research note on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded Elevance Health from a "hold" rating to a "buy" rating and increased their target price for the company from $363.00 to $498.00 in a research report on Wednesday, May 20th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $440.90.

Elevance Health Stock Down 0.5%

NYSE ELV opened at $377.39 on Friday. The business has a fifty day moving average price of $398.69 and a 200 day moving average price of $356.52. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The company has a market cap of $81.84 billion, a P/E ratio of 16.77, a P/E/G ratio of 2.18 and a beta of 0.67. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company's revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.84 earnings per share. Research analysts anticipate that Elevance Health, Inc. will post 27.08 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. Elevance Health's dividend payout ratio is presently 30.58%.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director directly owned 10,734 shares of the company's stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by company insiders.

Elevance Health Company Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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