Skandinaviska Enskilda Banken AB publ Sells 13,454 Shares of Elevance Health, Inc. (NYSE:ELV)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its holdings in Elevance Health by 21.1%, owning 50,373 shares worth approximately $21.91 million as of the latest SEC filing.
• Elevance Health reported EPS of $8.84 for the last quarter, missing estimates, but had a net revenue of $49.42 billion, which exceeded projections.
• The company is set to pay a quarterly dividend of $1.71 per share on September 25th, reflecting an annual yield of 2.37% with a payout ratio of 29.11%.

Skandinaviska Enskilda Banken AB publ reduced its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 21.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 50,373 shares of the company's stock after selling 13,454 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Elevance Health were worth $21,910,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ELV. Milestone Asset Management LLC grew its stake in shares of Elevance Health by 2.2% during the first quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock worth $488,000 after purchasing an additional 24 shares during the period. Elser Financial Planning Inc grew its stake in shares of Elevance Health by 3.0% during the first quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock worth $384,000 after purchasing an additional 26 shares during the period. Checchi Capital Advisers LLC grew its stake in shares of Elevance Health by 1.0% during the first quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock worth $1,190,000 after purchasing an additional 27 shares during the period. Prudent Man Advisors LLC grew its stake in shares of Elevance Health by 2.3% during the first quarter. Prudent Man Advisors LLC now owns 1,257 shares of the company's stock worth $547,000 after purchasing an additional 28 shares during the period. Finally, Barlow Wealth Partners Inc. grew its stake in shares of Elevance Health by 1.3% during the first quarter. Barlow Wealth Partners Inc. now owns 2,280 shares of the company's stock worth $961,000 after purchasing an additional 30 shares during the period. 89.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Truist Financial decreased their target price on Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Mizuho boosted their target price on Elevance Health from $455.00 to $505.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. UBS Group reissued a "buy" rating and issued a $484.00 target price (down from $555.00) on shares of Elevance Health in a research note on Monday, July 14th. Morgan Stanley decreased their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Finally, Robert W. Baird decreased their target price on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $418.19.

Elevance Health Stock Up 0.6%

ELV traded up $1.82 on Wednesday, hitting $290.55. 696,818 shares of the company were exchanged, compared to its average volume of 1,909,434. Elevance Health, Inc. has a 12 month low of $274.40 and a 12 month high of $567.26. The company has a market cap of $65.43 billion, a PE ratio of 12.37, a PEG ratio of 1.05 and a beta of 0.60. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.44 and a current ratio of 1.44. The stock's fifty day moving average is $355.96 and its 200-day moving average is $391.33.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. Elevance Health's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.12 EPS. Equities research analysts predict 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. Shareholders of record on Wednesday, September 10th will be paid a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.35%. Elevance Health's dividend payout ratio is 29.11%.

Insider Transactions at Elevance Health

In other news, CEO Gail Boudreaux bought 8,500 shares of the stock in a transaction dated Friday, July 18th. The shares were bought at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the purchase, the chief executive officer owned 151,020 shares in the company, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by corporate 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.