USS Investment Management Ltd Sells 11,700 Shares of Elevance Health, Inc. $ELV

Key Points

• USS Investment Management Ltd has decreased its stake in Elevance Health, Inc. by 24.5%, selling 11,700 shares, and now owns 36,089 shares valued at approximately $15.7 million.
• CEO Gail Boudreaux purchased 8,500 shares at an average cost of $286.94 per share, increasing her ownership by nearly 6% to a total of 151,020 shares.
• Elevance Health reported a quarterly earnings per share (EPS) of $8.84, missing analysts' expectations of $9.30, while its revenue increased by 14.3% year-over-year to $49.42 billion.

USS Investment Management Ltd reduced its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 24.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,089 shares of the company's stock after selling 11,700 shares during the quarter. USS Investment Management Ltd's holdings in Elevance Health were worth $15,704,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. UniSuper Management Pty Ltd increased its stake in Elevance Health by 3.0% in the first quarter. UniSuper Management Pty Ltd now owns 15,984 shares of the company's stock valued at $6,952,000 after acquiring an additional 467 shares during the last quarter. Rise Advisors LLC increased its stake in Elevance Health by 334.9% in the first quarter. Rise Advisors LLC now owns 548 shares of the company's stock valued at $238,000 after acquiring an additional 422 shares during the last quarter. Robertson Opportunity Capital LLC bought a new position in shares of Elevance Health in the 1st quarter valued at $6,655,000. Ruggaard & Associates LLC increased its stake in shares of Elevance Health by 2.5% in the 1st quarter. Ruggaard & Associates LLC now owns 1,650 shares of the company's stock valued at $718,000 after purchasing an additional 41 shares during the last quarter. Finally, Parkwood LLC increased its stake in shares of Elevance Health by 0.4% in the 1st quarter. Parkwood LLC now owns 50,654 shares of the company's stock valued at $22,032,000 after purchasing an additional 201 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Gail Boudreaux bought 8,500 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were 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. This trade represents a 5.96% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan D. Devore acquired 1,200 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. 0.29% of the stock is owned by company insiders.

Elevance Health Stock Performance

Shares of ELV opened at $313.79 on Friday. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $559.95. 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's fifty day simple moving average is $312.04 and its two-hundred day simple moving average is $373.33. The stock has a market capitalization of $70.66 billion, a P/E ratio of 13.35, a price-to-earnings-growth ratio of 1.15 and a beta of 0.59.

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 analysts' consensus estimates of $9.30 by ($0.46). The business had revenue of $49.42 billion for 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 quarter in the previous year, the company posted $10.12 earnings per share. As a group, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current 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. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health's dividend payout ratio is 29.11%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ELV. Guggenheim decreased their target price on Elevance Health from $447.00 to $360.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Leerink Partnrs lowered shares of Elevance Health from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. Wall Street Zen lowered shares of Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Finally, Argus reaffirmed a "hold" rating on shares of Elevance Health in a research note on Monday, July 21st. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Elevance Health currently has a consensus rating of "Moderate Buy" and an average target price of $411.06.

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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