Elevance Health, Inc. $ELV Shares Sold by Semmax Financial Advisors Inc.

Key Points

• Semmax Financial Advisors Inc. has reduced its stake in Elevance Health, Inc. by 42.2% to 5,960 shares, now valued at $2,411,000.
• Multiple hedge funds have been actively adjusting their positions, with Private Wealth Management Group increasing its stake by 152% during the same quarter.
• According to recent analyst ratings, Elevance Health holds an average rating of "Moderate Buy" with a target price of $411.06, despite recent reductions from several firms.

Semmax Financial Advisors Inc. trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 42.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 5,960 shares of the company's stock after selling 4,358 shares during the quarter. Semmax Financial Advisors Inc.'s holdings in Elevance Health were worth $2,411,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ELV. HFM Investment Advisors LLC bought a new stake in shares of Elevance Health during the first quarter valued at approximately $103,000. MBB Public Markets I LLC purchased a new stake in Elevance Health during the 1st quarter valued at $320,000. Ascent Group LLC increased its holdings in shares of Elevance Health by 8.0% in the 1st quarter. Ascent Group LLC now owns 6,759 shares of the company's stock worth $2,940,000 after purchasing an additional 501 shares in the last quarter. Vancity Investment Management Ltd purchased a new position in shares of Elevance Health in the first quarter worth $20,611,000. Finally, United Services Automobile Association bought a new position in shares of Elevance Health during the first quarter valued at $2,280,000. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Trading Down 1.0%

ELV traded down $3.15 during trading on Friday, reaching $311.74. The company had a trading volume of 1,503,234 shares, compared to its average volume of 2,082,560. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The business has a 50 day simple moving average of $306.50 and a 200-day simple moving average of $370.70. The stock has a market cap of $70.20 billion, a P/E ratio of 13.27, a PEG ratio of 1.15 and a beta of 0.59. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $559.95.

Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the prior year, the company posted $10.12 EPS. The company's revenue was up 14.3% compared to the same quarter last year. On average, equities analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. Elevance Health's dividend payout ratio (DPR) is currently 29.11%.

Analyst Ratings Changes

Several research firms have recently weighed in on ELV. Morgan Stanley lowered their price target on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Leerink Partnrs downgraded Elevance Health from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Leerink Partners restated a "market perform" rating and set a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Guggenheim cut their price objective on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating for the company in a report on Friday, July 18th. Finally, Wells Fargo & Company reduced their target price on Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, August 15th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $411.06.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux acquired 8,500 shares of Elevance Health stock in a transaction that occurred on Friday, July 18th. The stock was purchased at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. The trade was a 5.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Susan D. Devore acquired 1,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. The trade was a 52.13% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company's stock.

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.