Prudential PLC Cuts Position in Elevance Health, Inc. (NYSE:ELV)

Key Points

• Prudential PLC reduced its stake in Elevance Health by 32.4%, holding 36,805 shares worth approximately $16 million after selling 17,661 shares in the first quarter.
• Elevance Health reported earnings per share (EPS) of $8.84 for the last quarter, which was below analysts' expectations of $9.30, despite a revenue of $49.42 billion.
• The company announced a quarterly dividend of $1.71 set to be paid on September 25th, yielding 2.4% annually with a payout ratio of 29.11%.

Prudential PLC lessened its holdings in Elevance Health, Inc. (NYSE:ELV - Free Report) by 32.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,805 shares of the company's stock after selling 17,661 shares during the period. Prudential PLC's holdings in Elevance Health were worth $16,009,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ELV. Accredited Wealth Management LLC acquired a new stake in Elevance Health in the 4th quarter worth about $25,000. Private Wealth Management Group LLC boosted its holdings in 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 buying an additional 38 shares during the last quarter. Riverview Trust Co boosted its holdings in Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after buying an additional 67 shares during the last quarter. North Capital Inc. acquired a new stake in Elevance Health in the 1st quarter worth about $36,000. Finally, Orion Capital Management LLC acquired a new stake in Elevance Health in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Elevance Health Stock Down 1.1%

Shares of NYSE ELV opened at $290.80 on Tuesday. The firm has a market cap of $65.48 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.08 and a beta of 0.58. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $567.26. The business's 50 day moving average is $338.45 and its two-hundred day moving average is $384.51.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The firm had revenue of $49.42 billion during 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%. The firm's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.12 EPS. Research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a yield of 2.4%. Elevance Health's payout ratio is presently 29.11%.

Analyst Ratings Changes

Several research analysts have recently weighed in on ELV shares. JPMorgan Chase & Co. lowered their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Leerink Partners restated a "market perform" rating and set a $310.00 target price (down from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Barclays lowered their target price on Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Finally, Robert W. Baird lowered their target price on Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Elevance Health presently has an average rating of "Moderate Buy" and an average target price of $418.19.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux acquired 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by insiders.

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.

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