Truist Financial Corp Sells 51,058 Shares of Elevance Health, Inc. $ELV

Key Points

• Truist Financial Corp has reduced its stake in Elevance Health by 19.4%, selling 51,058 shares and now holding 212,710 shares valued at approximately $82.7 million.
• Several hedge funds have increased their positions in Elevance Health, with notable raises by Private Wealth Management Group LLC and Riverview Trust Co, indicating growing institutional interest.
• Analysts have adjusted their price targets for Elevance Health, with significant reductions from firms such as Robert W. Baird and JPMorgan Chase & Co., reflecting changing market assessments.

Truist Financial Corp decreased its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 19.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 212,710 shares of the company's stock after selling 51,058 shares during the period. Truist Financial Corp owned 0.09% of Elevance Health worth $82,736,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Private Wealth Management Group LLC raised its position in Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock worth $27,000 after acquiring an additional 38 shares during the period. WPG Advisers LLC bought a new stake in Elevance Health in the first quarter worth about $29,000. Riverview Trust Co raised its position in shares of Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company's stock valued at $31,000 after purchasing an additional 67 shares during the period. North Capital Inc. bought a new stake in shares of Elevance Health in the first quarter valued at approximately $36,000. Finally, Saudi Central Bank bought a new stake in shares of Elevance Health in the first quarter valued at approximately $40,000. Institutional investors own 89.24% of the company's stock.

Insiders Place Their Bets

In related news, Director Susan D. Devore purchased 1,200 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average price of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director directly owned 3,502 shares of the company's stock, valued at approximately $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gail Boudreaux purchased 8,500 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was bought at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Robert W. Baird lowered their price target on shares of Elevance Health from $492.00 to $297.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. JPMorgan Chase & Co. lowered their price target on shares of Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Truist Financial lowered their price target on shares of Elevance Health from $500.00 to $440.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Wells Fargo & Company lowered their price target on shares of Elevance Health from $400.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, August 15th. Finally, Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $411.06.

Elevance Health Stock Performance

Elevance Health stock opened at $332.34 on Thursday. The firm's 50 day simple moving average is $305.54 and its 200 day simple moving average is $362.89. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $74.84 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.18 and a beta of 0.59. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $510.24.

Elevance Health (NYSE:ELV - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing analysts' consensus estimates of $9.30 by ($0.46). The company had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%.Elevance Health's quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the company earned $10.12 EPS. As a group, analysts expect that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were issued a $1.71 dividend. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. Elevance Health's dividend payout ratio is presently 29.11%.

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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