Summit Street Capital Management LLC Lowers Position in Elevance Health, Inc. (NYSE:ELV)

Summit Street Capital Management LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 19.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,618 shares of the company's stock after selling 3,323 shares during the period. Elevance Health accounts for 1.8% of Summit Street Capital Management LLC's portfolio, making the stock its 28th biggest position. Summit Street Capital Management LLC's holdings in Elevance Health were worth $5,024,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ELV. Accredited Wealth Management LLC purchased a new position in shares of Elevance Health in the fourth quarter worth $25,000. Flagship Wealth Advisors LLC bought a new stake in Elevance Health during the fourth quarter valued at about $26,000. OFI Invest Asset Management purchased a new stake in Elevance Health during the 4th quarter valued at approximately $29,000. WealthTrak Capital Management LLC purchased a new stake in Elevance Health during the 4th quarter valued at approximately $29,000. Finally, Lee Danner & Bass Inc. bought a new position in Elevance Health during the fourth quarter valued at approximately $30,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

Shares of ELV traded down $12.40 during trading hours on Wednesday, reaching $400.09. 1,539,689 shares of the company traded hands, compared to its average volume of 1,514,471. The stock's fifty day moving average is $422.19 and its 200 day moving average is $403.63. The stock has a market cap of $90.39 billion, a P/E ratio of 15.62, a price-to-earnings-growth ratio of 1.18 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. Elevance Health, Inc. has a 1-year low of $357.45 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The business had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. Equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Tuesday, June 10th. Elevance Health's dividend payout ratio is presently 26.69%.

Insider Activity at Elevance Health

In related news, CAO Ronald W. Penczek sold 443 shares of Elevance Health stock in a transaction on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares of the company's stock, valued at $766,745.11. This trade represents a 19.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Kaye sold 4,588 shares of the firm's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the sale, the chief financial officer now owns 18,977 shares of the company's stock, valued at $8,061,809.14. The trade was a 19.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,535 shares of company stock worth $3,521,612 in the last quarter. Corporate insiders own 0.29% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on ELV. Wells Fargo & Company decreased their price target on Elevance Health from $483.00 to $478.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. Robert W. Baird restated a "neutral" rating and set a $529.00 target price (down from $625.00) on shares of Elevance Health in a research note on Tuesday, April 15th. Barclays boosted their price target on Elevance Health from $512.00 to $522.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Truist Financial upped their target price on Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Elevance Health has an average rating of "Moderate Buy" and a consensus price target of $510.38.

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.