True North Advisors LLC Cuts Stock Position in Elevance Health, Inc. $ELV

Key Points

• True North Advisors LLC significantly reduced its stake in Elevance Health, Inc. by 79.4%, resulting in ownership of only 765 shares valued at approximately $298,000.
• Despite missing earnings estimates, Elevance Health reported revenues of $49.42 billion for the quarter, surpassing analyst expectations of $48.26 billion.
• Earnings per share (EPS) for the quarter was reported at $8.84, down from $10.12 in the same quarter the previous year, with a projected EPS of 33.96 for the current fiscal year.

True North Advisors LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 79.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 765 shares of the company's stock after selling 2,947 shares during the period. True North Advisors LLC's holdings in Elevance Health were worth $298,000 as of its most recent SEC filing.

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

Elevance Health Stock Performance

Shares of Elevance Health stock opened at $318.13 on Friday. The firm has a market capitalization of $71.64 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.16 and a beta of 0.59. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $528.52. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm's 50 day moving average is $303.14 and its two-hundred day moving average is $364.80.

Elevance Health (NYSE:ELV - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). The company had revenue of $49.42 billion during 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 business'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 earnings per share. Research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health's dividend payout ratio is presently 29.11%.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux acquired 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was acquired at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan D. Devore acquired 1,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on ELV. Leerink Partners restated a "market perform" rating and set a $310.00 target price (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company cut their target price on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, August 15th. Guggenheim cut their target price on shares of Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, UBS Group cut their target price on shares of Elevance Health from $435.00 to $425.00 and set a "buy" rating on the stock in a research note on Friday, September 5th. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Elevance Health currently has an average rating of "Moderate Buy" and an average price target of $411.06.

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.

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