Y Intercept Hong Kong Ltd Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

Y Intercept Hong Kong Ltd cut its position in Elevance Health, Inc. (NYSE:ELV - Free Report) by 93.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 802 shares of the company's stock after selling 12,339 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Elevance Health were worth $349,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Accredited Wealth Management LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at about $25,000. Private Wealth Management Group LLC boosted its position in shares of Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company's stock valued at $27,000 after acquiring an additional 38 shares during the period. Riverview Trust Co boosted 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 acquiring 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 about $36,000. Finally, Orion Capital Management LLC bought a new stake in shares of Elevance Health in the fourth quarter valued at about $39,000. 89.24% of the stock is owned by institutional investors.

Elevance Health Stock Down 3.2%

Shares of Elevance Health stock traded down $8.98 during trading on Friday, reaching $274.10. The company's stock had a trading volume of 3,380,911 shares, compared to its average volume of 1,939,330. 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 company has a market cap of $61.72 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 1.08 and a beta of 0.60. Elevance Health, Inc. has a 1-year low of $273.84 and a 1-year high of $567.26. The company has a 50-day simple moving average of $351.82 and a two-hundred day simple moving average of $389.87.

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). Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The firm had revenue of $49.42 billion for the quarter, compared to analyst estimates of $48.26 billion. During the same period in the prior year, the firm posted $10.12 EPS. The business's revenue was up 14.3% compared to the same quarter last year. As a group, equities analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 2.5%. The ex-dividend date is Wednesday, September 10th. Elevance Health's payout ratio is 29.11%.

Insider Buying and Selling

In related news, CEO Gail Boudreaux bought 8,500 shares of the stock in a transaction dated Friday, July 18th. The shares were acquired 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ELV. Morgan Stanley reduced their target price on shares of Elevance Health from $428.00 to $316.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Cantor Fitzgerald reissued an "overweight" rating and set a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $478.00 price target on shares of Elevance Health in a report on Wednesday, June 4th. Wall Street Zen cut Elevance Health from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. reduced their target price on Elevance Health from $472.00 to $384.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus 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.