Elevance Health, Inc. $ELV Shares Sold by SVB Wealth LLC

Key Points

• SVB Wealth LLC reduced its stake in Elevance Health, Inc. by 13.2%, now holding 26,131 shares valued at approximately $11.37 million.
• CEO Gail Boudreaux increased her ownership in Elevance Health by 5.96% with a purchase of 8,500 shares at an average price of $286.94.
• Analysts have set new price targets for Elevance Health, with Guggenheim lowering their target from $447.00 to $360.00, while UBS maintains a target of $484.00.

SVB Wealth LLC trimmed its stake in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 13.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,131 shares of the company's stock after selling 3,983 shares during the period. SVB Wealth LLC's holdings in Elevance Health were worth $11,366,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ELV. Nuveen LLC acquired a new stake in shares of Elevance Health during the 1st quarter valued at approximately $789,943,000. GAMMA Investing LLC lifted its position in shares of Elevance Health by 81,726.5% during the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company's stock valued at $641,355,000 after acquiring an additional 1,472,712 shares during the period. Vanguard Group Inc. lifted its position in shares of Elevance Health by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company's stock valued at $9,635,281,000 after acquiring an additional 666,534 shares during the period. Boston Partners lifted its position in shares of Elevance Health by 241.3% during the 1st quarter. Boston Partners now owns 856,737 shares of the company's stock valued at $372,039,000 after acquiring an additional 605,689 shares during the period. Finally, Two Sigma Investments LP lifted its position in shares of Elevance Health by 247.7% during the 4th quarter. Two Sigma Investments LP now owns 501,494 shares of the company's stock valued at $185,001,000 after acquiring an additional 357,257 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Elevance Health

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

Elevance Health Trading Down 0.2%

Shares of NYSE ELV traded down $0.48 during trading on Wednesday, hitting $309.55. 1,462,827 shares of the company traded hands, compared to its average volume of 1,971,391. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $567.26. The company has a 50-day moving average price of $321.63 and a 200-day moving average price of $377.46. The firm has a market capitalization of $69.71 billion, a P/E ratio of 13.17, a P/E/G ratio of 1.15 and a beta of 0.58. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV - Get Free Report) last announced 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 company had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The firm's quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the firm earned $10.12 earnings per share. On average, equities analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. Elevance Health's payout ratio is presently 29.11%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Leerink Partners reiterated a "market perform" rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Wells Fargo & Company cut their price objective on Elevance Health from $400.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, August 15th. Robert W. Baird cut their price objective on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. UBS Group restated a "buy" rating and set a $484.00 price objective (down from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Finally, Argus restated a "hold" rating on shares of Elevance Health in a research report on Monday, July 21st. Twelve equities research 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, the company has a consensus rating of "Moderate Buy" and an average target price of $413.81.

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.