True North Advisors LLC Cuts Holdings in Elevance Health, Inc. (NYSE:ELV)

Key Points

• True North Advisors LLC reduced its stake in Elevance Health, Inc. by 20.2% during the first quarter, now holding 3,712 shares valued at approximately $1.615 million.
• Despite True North's reduction, other investors, such as Milestone Asset Management and Hemington Wealth Management, have increased their holdings in Elevance Health.
• The company's CEO, Gail Boudreaux, purchased 8,500 shares of Elevance Health at an average cost of $286.94 per share, increasing her ownership significantly.

True North Advisors LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 20.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,712 shares of the company's stock after selling 942 shares during the period. True North Advisors LLC's holdings in Elevance Health were worth $1,615,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ELV. Milestone Asset Management LLC increased its stake in Elevance Health by 2.2% in the 1st quarter. Milestone Asset Management LLC now owns 1,122 shares of the company's stock valued at $488,000 after purchasing an additional 24 shares in the last quarter. GLOBALT Investments LLC GA increased its stake in Elevance Health by 0.4% in the 1st quarter. GLOBALT Investments LLC GA now owns 6,306 shares of the company's stock valued at $2,743,000 after purchasing an additional 24 shares in the last quarter. Elser Financial Planning Inc grew its holdings in Elevance Health by 3.0% during the 1st quarter. Elser Financial Planning Inc now owns 882 shares of the company's stock valued at $384,000 after buying an additional 26 shares during the last quarter. Checchi Capital Advisers LLC grew its holdings in Elevance Health by 1.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,737 shares of the company's stock valued at $1,190,000 after buying an additional 27 shares during the last quarter. Finally, Hemington Wealth Management grew its holdings in Elevance Health by 13.3% during the 1st quarter. Hemington Wealth Management now owns 230 shares of the company's stock valued at $100,000 after buying an additional 27 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on ELV shares. Baird R W cut Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Morgan Stanley lowered their target price on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Leerink Partners reiterated a "market perform" rating and set a $310.00 target price (down previously from $510.00) on shares of Elevance Health in a report on Friday, July 18th. Leerink Partnrs cut Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Finally, Guggenheim lowered their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $418.19.

Insider Activity

In other Elevance Health news, CEO Gail Boudreaux bought 8,500 shares of the company's stock in a transaction dated Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

Elevance Health Trading Up 3.8%

NYSE:ELV opened at $294.33 on Friday. The business's 50-day moving average is $340.17 and its two-hundred day moving average is $385.42. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $567.26. The firm has a market capitalization of $66.28 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.04 and a beta of 0.58.

Elevance Health (NYSE:ELV - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period last year, the business earned $10.12 earnings per share. The company's revenue for the quarter was up 14.3% compared to the same quarter last year. Research analysts predict 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 Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's payout ratio is presently 29.11%.

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.

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