Public Sector Pension Investment Board Sells 43,463 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• The Public Sector Pension Investment Board reduced its stake in Elevance Health, Inc. by 57.8%, selling 43,463 shares and now holds 31,762 shares worth approximately $13.8 million.
• Elevance Health reported a quarterly EPS of $8.84, falling short of analysts' expectations, but revenue rose to $49.42 billion, exceeding estimates with a 14.3% year-over-year increase.
• Wall Street analysts have issued mixed reviews on Elevance Health, with a consensus rating of "Moderate Buy" and an average price target of $418.19, reflecting recent downgrades from some analysts.

Public Sector Pension Investment Board lowered its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 57.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,762 shares of the company's stock after selling 43,463 shares during the quarter. Public Sector Pension Investment Board's holdings in Elevance Health were worth $13,815,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after acquiring an additional 666,534 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Elevance Health by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after acquiring an additional 464,137 shares in the last quarter. Capital International Investors increased its position in Elevance Health by 0.9% in the 4th quarter. Capital International Investors now owns 3,880,630 shares of the company's stock valued at $1,431,559,000 after acquiring an additional 35,576 shares in the last quarter. Northern Trust Corp increased its position in Elevance Health by 16.5% in the 4th quarter. Northern Trust Corp now owns 2,449,028 shares of the company's stock valued at $903,446,000 after acquiring an additional 346,557 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Elevance Health by 9.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,352,163 shares of the company's stock valued at $867,713,000 after acquiring an additional 199,550 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Trading Up 4.5%

Shares of ELV traded up $13.43 during mid-day trading on Friday, hitting $308.86. 3,414,700 shares of the company's stock traded hands, compared to its average volume of 1,967,411. 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 1 year low of $273.71 and a 1 year high of $567.26. The firm has a market capitalization of $69.55 billion, a P/E ratio of 13.14, a PEG ratio of 1.08 and a beta of 0.58. The business's 50-day moving average price is $333.21 and its 200-day moving average price is $382.45.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The company had revenue of $49.42 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the company posted $10.12 earnings per share. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal 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 issued 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 2.2%. Elevance Health's dividend payout ratio is currently 29.11%.

Insiders Place Their Bets

In related news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares of the company's stock, valued at $43,333,678.80. This represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ELV. UBS Group restated a "buy" rating and issued a $484.00 price target (down from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Morgan Stanley reduced their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $485.00 price objective on shares of Elevance Health in a research note on Wednesday, April 23rd. Wells Fargo & Company decreased their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday. Finally, Robert W. Baird reduced their price objective on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $413.81.

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.