Elevance Health, Inc. (NYSE:ELV) Holdings Decreased by Avanza Fonder AB

Avanza Fonder AB reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 15.5% during the first quarter, Holdings Channel.com reports. The firm owned 15,105 shares of the company’s stock after selling 2,764 shares during the period. Avanza Fonder AB’s holdings in Elevance Health were worth $6,485,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. CIBC Private Wealth Group LLC raised its stake in shares of Elevance Health by 82.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company’s stock valued at $276,073,000 after purchasing an additional 326,543 shares in the last quarter. VELA Investment Management LLC raised its position in Elevance Health by 101.6% in the fourth quarter. VELA Investment Management LLC now owns 2,074 shares of the company’s stock worth $765,000 after acquiring an additional 1,045 shares in the last quarter. Cambiar Investors LLC bought a new stake in Elevance Health in the fourth quarter worth about $45,614,000. Banque Pictet & Cie SA raised its position in Elevance Health by 44.7% in the fourth quarter. Banque Pictet & Cie SA now owns 26,168 shares of the company’s stock worth $9,653,000 after acquiring an additional 8,081 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its position in Elevance Health by 2.5% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 93,000 shares of the company’s stock worth $34,308,000 after acquiring an additional 2,300 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $389.66 on Tuesday. The business’s fifty day moving average price is $408.71 and its two-hundred day moving average price is $400.71. Elevance Health, Inc. has a fifty-two week low of $357.45 and a fifty-two week high of $567.26. The stock has a market capitalization of $88.04 billion, a price-to-earnings ratio of 15.22, a price-to-earnings-growth ratio of 1.18 and a beta of 0.60. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, beating analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The firm had revenue of $48.77 billion for the quarter, compared to analysts’ expectations of $46.26 billion. As a group, analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Tuesday, June 10th. Elevance Health’s payout ratio is presently 26.69%.

Analyst Ratings Changes

Several equities research analysts have commented on ELV shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a research report on Wednesday, April 23rd. Royal Bank of Canada reissued an “outperform” rating and issued a $478.00 price target on shares of Elevance Health in a research note on Wednesday, June 4th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Elevance Health in a research note on Friday, March 28th. Guggenheim reiterated a “buy” rating and issued a $518.00 target price on shares of Elevance Health in a report on Wednesday, April 23rd. Finally, Barclays decreased their target price on Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a research report on Monday, June 2nd. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $498.87.

Insider Transactions at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

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.