Elevance Health, Inc. (NYSE:ELV) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc has reduced its holdings in Elevance Health, Inc. by 4.2%, selling 8,675 shares and holding a total of 198,374 shares valued at $86,285,000.
• Elevance Health's recent quarterly earnings report indicated $8.84 EPS, missing estimates by $0.46, while quarterly revenue was $49.42 billion, exceeding expectations.
• The company declared a quarterly dividend of $1.71 per share to be paid on September 25th, reflecting an annualized dividend of $6.84 with a yield of 2.37%.

TD Asset Management Inc trimmed its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 198,374 shares of the company's stock after selling 8,675 shares during the quarter. TD Asset Management Inc owned about 0.09% of Elevance Health worth $86,285,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allstate Corp purchased a new stake in shares of Elevance Health in the 4th quarter valued at approximately $2,555,000. Transamerica Financial Advisors Inc. raised its stake in shares of Elevance Health by 20,500.0% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 206 shares of the company's stock valued at $76,000 after acquiring an additional 205 shares during the period. Allianz SE purchased a new stake in shares of Elevance Health in the 4th quarter valued at approximately $5,339,000. CIBC Private Wealth Group LLC raised its stake in shares of Elevance Health by 82.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock valued at $276,073,000 after acquiring an additional 326,543 shares during the period. Finally, Inkwell Capital LLC purchased a new stake in shares of Elevance Health in the 4th quarter valued at approximately $1,195,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

NYSE ELV traded down $6.07 during trading hours on Thursday, hitting $287.48. 1,263,245 shares of the stock were exchanged, compared to its average volume of 1,914,272. The company has a market cap of $64.74 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 1.06 and a beta of 0.60. Elevance Health, Inc. has a 12-month low of $274.40 and a 12-month high of $567.26. The stock has a 50-day moving average of $353.84 and a 200 day moving average of $390.66. 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 posted its quarterly earnings results 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). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The firm had revenue of $49.42 billion for the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the prior year, the company earned $10.12 earnings per share. The company's revenue for the quarter was up 14.3% on a year-over-year basis. As a group, equities research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Wednesday, September 10th. Elevance Health's dividend payout ratio (DPR) is 29.11%.

Insider Activity at Elevance Health

In related 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 completion of the purchase, the chief executive officer directly owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on ELV. Barclays cut their target price on shares of Elevance Health from $434.00 to $358.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th. JPMorgan Chase & Co. cut their target price on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Argus reaffirmed a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Finally, UBS Group reaffirmed a "buy" rating and issued a $484.00 target price (down from $555.00) on shares of Elevance Health in a research report on Monday, July 14th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $418.19.

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.