State of Alaska Department of Revenue Cuts Stake in Elevance Health, Inc. $ELV

Key Points

• The State of Alaska Department of Revenue reduced its holdings in Elevance Health by 4.5%, owning 37,893 shares valued at approximately $14.7 million after selling 1,805 shares in the second quarter.
• Recent analyst reports have lowered price objectives for Elevance Health, with Guggenheim reducing their target from $447 to $360 and JPMorgan from $472 to $384, although the stock maintains a majority "Buy" rating from twelve analysts.
• Elevance Health reported earnings of $8.84 per share for the quarter, missing estimates, despite revenue growth of 14.3% year-over-year, amounting to $49.42 billion.

State of Alaska Department of Revenue reduced its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,893 shares of the company's stock after selling 1,805 shares during the period. State of Alaska Department of Revenue's holdings in Elevance Health were worth $14,738,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ELV. Private Wealth Management Group LLC increased its position in shares of Elevance Health by 152.0% in the 1st quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares during the last quarter. WPG Advisers LLC purchased a new stake in shares of Elevance Health in the 1st quarter valued at approximately $29,000. Riverview Trust Co increased its position in shares of Elevance Health by 1,340.0% in the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares during the last quarter. North Capital Inc. purchased a new stake in shares of Elevance Health in the 1st quarter valued at approximately $36,000. Finally, Saudi Central Bank purchased a new stake in shares of Elevance Health in the 1st quarter valued at approximately $40,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of recent analyst reports. Leerink Partners reissued a "market perform" rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. JPMorgan Chase & Co. dropped their price objective on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Guggenheim lowered their target price 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. Barclays upped their target price on shares of Elevance Health from $327.00 to $373.00 and gave the company an "overweight" rating in a report on Thursday, September 4th. Finally, Truist Financial lowered their target price on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Elevance Health has an average rating of "Moderate Buy" and an average target price of $411.06.

Elevance Health Trading Up 0.5%

Shares of Elevance Health stock opened at $318.13 on Friday. The stock has a market cap of $71.64 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.16 and a beta of 0.59. The company has a fifty day simple moving average of $303.14 and a 200-day simple moving average of $364.80. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $528.52.

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

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Wednesday, September 10th were paid a dividend of $1.71 per share. The ex-dividend date was 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 other Elevance Health news, CEO Gail Boudreaux purchased 8,500 shares of the firm's 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 approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan D. Devore purchased 1,200 shares of the firm's stock in a transaction that occurred on 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 purchase, the director owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by corporate insiders.

About Elevance Health

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.

Want to see what other hedge funds are holding ELV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Elevance Health, Inc. (NYSE:ELV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.