Elevance Health, Inc. (NYSE:ELV) Shares Sold by Vestcor Inc

Vestcor Inc lessened its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,774 shares of the company's stock after selling 1,143 shares during the quarter. Vestcor Inc's holdings in Elevance Health were worth $5,991,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ELV. Accredited Wealth Management LLC acquired a new stake in shares of Elevance Health in the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC grew 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. Riverview Trust Co grew its position in Elevance Health by 1,340.0% in the first 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 Elevance Health in the first quarter worth approximately $36,000. Finally, Orion Capital Management LLC purchased a new position in Elevance Health in the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Elevance Health Stock Down 3.2%

NYSE:ELV traded down $8.98 during midday trading on Friday, reaching $274.10. The company had a trading volume of 3,380,911 shares, compared to its average volume of 1,939,330. Elevance Health, Inc. has a 12-month low of $273.84 and a 12-month high of $567.26. 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 $61.72 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 1.08 and a beta of 0.60. The stock's fifty day simple moving average is $351.82 and its 200-day simple moving average is $389.87.

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 for the quarter, missing analysts' consensus estimates 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 analyst estimates of $48.26 billion. During the same quarter in the prior year, the business earned $10.12 earnings per share. The firm's quarterly revenue was up 14.3% on a year-over-year basis. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company 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. The ex-dividend date 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 29.11%.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux bought 8,500 shares of the business's stock in a transaction dated Friday, July 18th. The shares were acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the transaction, the chief executive officer owned 151,020 shares of the company's stock, valued at approximately $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

ELV has been the subject of several analyst reports. Leerink Partners reiterated a "market perform" rating and issued a $310.00 price objective (down from $510.00) on shares of Elevance Health in a research report on Friday, July 18th. Leerink Partnrs lowered Elevance Health from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. Robert W. Baird lowered their price target on Elevance Health from $492.00 to $297.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Wells Fargo & Company lowered their price target 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. Finally, Morgan Stanley lowered their price target on Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Elevance Health currently has an average rating of "Moderate Buy" and an average price target of $418.19.

Elevance Health 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.