Polaris Capital Management LLC Reduces Position in Elevance Health, Inc. $ELV

Key Points

• Polaris Capital Management LLC has reduced its position in Elevance Health, Inc. by 6.1%, owning 61,141 shares worth approximately $23.78 million after selling 4,000 shares.
• Brokerages have adjusted their price targets for Elevance Health, with UBS lowering theirs from $435.00 to $425.00 and Barclays raising it from $327.00 to $373.00, reflecting varied outlooks on the stock's performance.
• Elevance Health recently announced a quarterly dividend of $1.71 per share, marking a **1.9% dividend yield**, while its payout ratio stands at 29.11%.

Polaris Capital Management LLC decreased its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 6.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,141 shares of the company's stock after selling 4,000 shares during the quarter. Polaris Capital Management LLC's holdings in Elevance Health were worth $23,781,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC lifted its holdings in Elevance Health by 152.0% during the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after buying an additional 38 shares in the last quarter. WPG Advisers LLC bought a new stake in Elevance Health during the 1st quarter valued at about $29,000. Riverview Trust Co lifted its holdings in Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after buying an additional 67 shares in the last quarter. North Capital Inc. bought a new stake in Elevance Health during the 1st quarter valued at about $36,000. Finally, Saudi Central Bank bought a new stake in Elevance Health during the 1st quarter valued at about $40,000. Institutional investors own 89.24% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ELV. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. UBS Group reduced their price target on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating for the company in a report on Friday, September 5th. Guggenheim reduced their price target on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a report on Friday, July 18th. JPMorgan Chase & Co. reduced their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating for the company in a report on Tuesday, July 22nd. Finally, Barclays increased their target price on Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a research report on Thursday, September 4th. Twelve equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $411.06.

Insider Activity at Elevance Health

In other news, Director Susan D. Devore acquired 1,200 shares of Elevance Health stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the purchase, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. The trade was a 52.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction on Friday, July 18th. The shares were bought 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 owned 151,020 shares in the company, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.29% of the company's stock.

Elevance Health Trading Up 3.2%

NYSE ELV opened at $351.11 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm has a market cap of $79.06 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 1.25 and a beta of 0.59. The company has a 50 day moving average price of $307.98 and a 200 day moving average price of $361.67. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $510.24.

Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.The company's revenue was up 14.3% compared to the same quarter last year. During the same quarter last year, the firm earned $10.12 EPS. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Wednesday, September 10th. Elevance Health's payout ratio is 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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