US Bancorp DE Decreases Stake in Elevance Health, Inc. (NYSE:ELV)

Key Points

• US Bancorp DE has decreased its stake in Elevance Health, Inc. by 2.5%, holding 59,839 shares valued at approximately $26 million after selling 1,524 shares.
• CEO Gail Boudreaux purchased 8,500 shares at an average price of $286.94, increasing her ownership to 151,020 shares, valued at over $43 million.
• Several firms have revised their ratings and price targets for Elevance Health, with Morgan Stanley lowering their target from $428 to $316 and analysts maintaining a consensus rating of "Moderate Buy."

US Bancorp DE lowered its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 2.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 59,839 shares of the company's stock after selling 1,524 shares during the period. US Bancorp DE's holdings in Elevance Health were worth $26,028,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ELV. Accredited Wealth Management LLC purchased a new position in Elevance Health in the 4th quarter valued at $25,000. Private Wealth Management Group LLC raised its holdings in shares of Elevance Health by 152.0% during the 1st 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. Riverview Trust Co raised its holdings in shares of Elevance Health by 1,340.0% during the 1st quarter. Riverview Trust Co now owns 72 shares of the company's stock worth $31,000 after acquiring an additional 67 shares during the period. North Capital Inc. purchased a new position in shares of Elevance Health during the 1st quarter worth $36,000. Finally, Orion Capital Management LLC purchased a new position in shares of Elevance Health during the 4th quarter worth $39,000. Hedge funds and other institutional investors own 89.24% of the company's stock.

Insider Activity at Elevance Health

In related news, CEO Gail Boudreaux acquired 8,500 shares of the 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 transaction, the chief executive officer owned 151,020 shares in the company, valued at $43,333,678.80. This represents a 5.96% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on ELV. Wall Street Zen lowered Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Morgan Stanley reduced their price target on Elevance Health from $428.00 to $316.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Guggenheim reduced their price target on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Argus reiterated a "hold" rating on shares of Elevance Health in a report on Monday, July 21st. Finally, Wells Fargo & Company cut their price objective on Elevance Health from $478.00 to $400.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Elevance Health has a consensus rating of "Moderate Buy" and an average target price of $418.19.

Elevance Health Price Performance

Elevance Health stock opened at $274.10 on Friday. 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, Inc. has a 52-week low of $273.84 and a 52-week high of $567.26. The firm has a market cap of $61.72 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 1.01 and a beta of 0.58. The company's 50 day moving average is $349.86 and its two-hundred day moving average is $389.05.

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 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 business had revenue of $49.42 billion during the quarter, compared to analysts' expectations of $48.26 billion. During the same period in the prior year, the business earned $10.12 EPS. The business's quarterly revenue was up 14.3% on a year-over-year basis. On average, research analysts expect that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.5%. Elevance Health's payout ratio is currently 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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