Pinebridge Investments L.P. Sells 15,027 Shares of Elevance Health, Inc. (NYSE:ELV)

Pinebridge Investments L.P. lowered its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 54.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,456 shares of the company's stock after selling 15,027 shares during the quarter. Pinebridge Investments L.P.'s holdings in Elevance Health were worth $4,595,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Elevance Health by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 21,485,574 shares of the company's stock worth $7,926,028,000 after acquiring an additional 138,380 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Elevance Health by 4.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,618,062 shares of the company's stock valued at $3,917,004,000 after purchasing an additional 464,137 shares during the period. Wellington Management Group LLP lifted its stake in Elevance Health by 42.5% in the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock valued at $2,344,556,000 after purchasing an additional 1,893,947 shares during the last quarter. Geode Capital Management LLC grew its holdings in Elevance Health by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,963,991 shares of the company's stock worth $1,826,447,000 after purchasing an additional 115,971 shares during the period. Finally, Sanders Capital LLC increased its position in Elevance Health by 1.7% during the fourth quarter. Sanders Capital LLC now owns 4,686,154 shares of the company's stock worth $1,728,722,000 after buying an additional 76,896 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company's stock.

Insiders Place Their Bets

In other Elevance Health news, CAO Ronald W. Penczek sold 443 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares in the company, valued at approximately $766,745.11. This represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of Elevance Health stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company's stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,535 shares of company stock valued at $3,521,612. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ELV shares. Truist Financial lifted their target price on Elevance Health from $480.00 to $510.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $485.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Mizuho lifted their target price on shares of Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a report on Wednesday, April 9th. Royal Bank of Canada reissued an "outperform" rating and issued a $478.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Finally, Argus set a $465.00 price objective on Elevance Health in a report on Friday, April 25th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $510.38.

Elevance Health Price Performance

ELV traded down $6.86 on Thursday, reaching $413.73. The stock had a trading volume of 392,360 shares, compared to its average volume of 1,459,849. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $93.47 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The firm has a 50-day moving average of $421.60 and a 200-day moving average of $406.82.

Elevance Health (NYSE:ELV - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping analysts' consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The firm had revenue of $48.77 billion for the quarter, compared to analyst estimates of $46.26 billion. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 1.65%. The ex-dividend date is Tuesday, June 10th. Elevance Health's dividend payout ratio is currently 26.69%.

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.