Principal Financial Group Inc. Decreases Stock Position in Elevance Health, Inc. (NYSE:ELV)

Principal Financial Group Inc. lowered its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 0.6% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 266,774 shares of the company's stock after selling 1,707 shares during the period. Principal Financial Group Inc. owned about 0.12% of Elevance Health worth $116,036,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ELV. CIBC Private Wealth Group LLC increased its holdings in Elevance Health by 82.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock worth $276,073,000 after purchasing an additional 326,543 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in Elevance Health in the 1st quarter worth about $299,000. GAMMA Investing LLC increased its holdings in Elevance Health by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company's stock worth $1,475,000 after purchasing an additional 1,588 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Elevance Health by 185.7% in the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company's stock worth $1,341,000 after purchasing an additional 2,004 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Elevance Health by 36.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company's stock worth $11,991,000 after purchasing an additional 7,410 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Down 0.8%

NYSE:ELV traded down $2.62 on Monday, hitting $345.22. The stock had a trading volume of 1,183,980 shares, compared to its average volume of 1,608,881. The business's fifty day moving average is $387.65 and its 200 day moving average is $398.64. The company has a market cap of $78.00 billion, a PE ratio of 13.47, a P/E/G ratio of 0.88 and a beta of 0.60. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.66. Elevance Health, Inc. has a 52 week low of $343.83 and a 52 week high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a return on equity of 18.61% and a net margin of 3.23%. The business had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. On average, equities research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend was Tuesday, June 10th. Elevance Health's payout ratio is 26.69%.

Insider Activity at Elevance Health

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the sale, the chief financial officer directly owned 18,977 shares of the company's stock, valued at approximately $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.29% of the company's stock.

Analyst Ratings Changes

ELV has been the subject of a number of recent research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $485.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Barclays decreased their price target on Elevance Health from $522.00 to $480.00 and set an "overweight" rating for the company in a research note on Monday, June 2nd. Truist Financial set a $500.00 price target on Elevance Health and gave the company a "buy" rating in a research note on Monday, June 9th. Mizuho increased their price target on Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. Finally, Robert W. Baird reissued a "neutral" rating and issued a $529.00 price target (down previously from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $498.87.

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.