Ruane Cunniff & Goldfarb L.P. Sells 34,538 Shares of Elevance Health, Inc. $ELV

Ruane Cunniff & Goldfarb L.P. cut its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 2.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,387,968 shares of the company's stock after selling 34,538 shares during the quarter. Elevance Health makes up approximately 6.7% of Ruane Cunniff & Goldfarb L.P.'s investment portfolio, making the stock its 6th largest holding. Ruane Cunniff & Goldfarb L.P. owned approximately 0.64% of Elevance Health worth $406,328,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. WealthCollab LLC grew its stake in Elevance Health by 42.2% in the 1st quarter. WealthCollab LLC now owns 91 shares of the company's stock valued at $27,000 after buying an additional 27 shares during the last quarter. Signet Financial Management LLC lifted its position in Elevance Health by 3.5% during the first quarter. Signet Financial Management LLC now owns 837 shares of the company's stock worth $245,000 after acquiring an additional 28 shares during the last quarter. Fulton Breakefield Broenniman LLC boosted its holdings in shares of Elevance Health by 3.6% during the fourth quarter. Fulton Breakefield Broenniman LLC now owns 825 shares of the company's stock worth $289,000 after acquiring an additional 29 shares during the period. Perigon Wealth Management LLC grew its position in shares of Elevance Health by 2.2% in the fourth quarter. Perigon Wealth Management LLC now owns 1,371 shares of the company's stock valued at $481,000 after purchasing an additional 29 shares during the last quarter. Finally, Savvy Advisors Inc. grew its position in shares of Elevance Health by 3.2% in the fourth quarter. Savvy Advisors Inc. now owns 979 shares of the company's stock valued at $343,000 after purchasing an additional 30 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Performance

NYSE:ELV opened at $378.17 on Tuesday. The stock has a fifty day moving average price of $398.39 and a 200-day moving average price of $356.51. The company has a market cap of $82.01 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 2.17 and a beta of 0.67. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $436.24.

Elevance Health (NYSE:ELV - Get Free Report) last released its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The company had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same period in the prior year, the firm posted $8.84 EPS. Elevance Health's quarterly revenue was up .8% on a year-over-year basis. As a group, equities analysts anticipate that Elevance Health, Inc. will post 27.04 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health's dividend payout ratio is presently 30.58%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ELV. Cantor Fitzgerald increased their target price on Elevance Health from $400.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Barclays decreased their price objective on Elevance Health from $480.00 to $457.00 and set an "overweight" rating on the stock in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft upgraded Elevance Health from a "hold" rating to a "buy" rating and increased their price objective for the stock from $363.00 to $498.00 in a research report on Wednesday, May 20th. Royal Bank Of Canada reduced their target price on shares of Elevance Health from $439.00 to $424.00 and set a "sector perform" rating for the company in a research report on Thursday, July 16th. Finally, Robert W. Baird upped their price target on shares of Elevance Health from $331.00 to $393.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Fifteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $440.90.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director directly owned 10,734 shares of the company's stock, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is owned by insiders.

Elevance Health Profile

Elevance Health, Inc NYSE: ELV is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company's strategic focus on integrated health care and benefit delivery.

Elevance's core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.

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