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

Principal Financial Group Inc. trimmed its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 0.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Accredited Wealth Management LLC purchased a new position in shares of Elevance Health in the 4th quarter worth about $25,000. Flagship Wealth Advisors LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at approximately $26,000. OFI Invest Asset Management bought a new stake in shares of Elevance Health in the fourth quarter valued at approximately $29,000. WealthTrak Capital Management LLC purchased a new stake in shares of Elevance Health during the 4th quarter valued at approximately $29,000. Finally, Lee Danner & Bass Inc. bought a new position in Elevance Health in the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The shares were 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 owned 18,977 shares of the company's stock, valued at $8,061,809.14. This represents a 19.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.29% of the company's stock.

Elevance Health Price Performance

Shares of Elevance Health stock traded down $1.33 during trading on Friday, hitting $348.92. 2,006,213 shares of the stock traded hands, compared to its average volume of 1,607,108. The firm's fifty day moving average is $387.65 and its 200-day moving average is $398.19. The stock has a market cap of $78.83 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 0.88 and a beta of 0.60. Elevance Health, Inc. has a 52 week low of $347.21 and a 52 week high of $567.26. 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 (NYSE:ELV - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The firm had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. Research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Tuesday, June 10th. Elevance Health's dividend payout ratio (DPR) is presently 26.69%.

Analysts Set New Price Targets

Several research analysts have commented on ELV shares. Argus set a $465.00 target price on Elevance Health in a research note on Friday, April 25th. Guggenheim reaffirmed a "buy" rating and set a $518.00 price objective on shares of Elevance Health in a research note on Wednesday, April 23rd. Baird R W lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Royal Bank Of Canada restated an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a research report on Wednesday, June 4th. Finally, Truist Financial set a $500.00 price objective on Elevance Health and gave the stock a "buy" rating in a research report on Monday, June 9th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.