Los Angeles Capital Management LLC Sells 27,210 Shares of Elevance Health, Inc. (NYSE:ELV)

Los Angeles Capital Management LLC lowered its position in shares of Elevance Health, Inc. (NYSE:ELVFree Report) by 15.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 145,600 shares of the company’s stock after selling 27,210 shares during the period. Los Angeles Capital Management LLC’s holdings in Elevance Health were worth $75,499,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Pin Oak Investment Advisors Inc. purchased a new position in Elevance Health during the 4th quarter valued at about $28,000. Alaska Permanent Fund Corp bought a new position in shares of Elevance Health during the fourth quarter valued at approximately $31,000. Beaird Harris Wealth Management LLC bought a new position in shares of Elevance Health during the fourth quarter valued at approximately $32,000. Hexagon Capital Partners LLC lifted its holdings in shares of Elevance Health by 63.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock valued at $35,000 after purchasing an additional 29 shares during the last quarter. Finally, ORG Partners LLC bought a new stake in shares of Elevance Health in the 4th quarter worth approximately $40,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the subject of a number of analyst reports. Truist Financial reiterated a “buy” rating and set a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a research note on Friday, April 19th. Baird R W raised Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. Robert W. Baird initiated coverage on shares of Elevance Health in a report on Thursday, May 30th. They issued an “outperform” rating and a $649.00 target price for the company. Finally, Jefferies Financial Group increased their price target on shares of Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a report on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $607.36.

Read Our Latest Research Report on Elevance Health

Insider Buying and Selling at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

Elevance Health Stock Performance

ELV traded down $7.07 during midday trading on Wednesday, reaching $527.31. The company had a trading volume of 688,557 shares, compared to its average volume of 1,064,675. Elevance Health, Inc. has a 1 year low of $412.00 and a 1 year high of $550.34. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The company has a market cap of $122.56 billion, a P/E ratio of 19.93, a P/E/G ratio of 1.18 and a beta of 0.83. The business has a 50-day moving average of $530.25 and a two-hundred day moving average of $505.90.

Elevance Health (NYSE:ELVGet Free Report) last released its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period in the prior year, the firm posted $9.46 EPS. The firm’s quarterly revenue was up .9% compared to the same quarter last year. As a group, equities research analysts predict that Elevance Health, Inc. will post 37.2 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.24%. Elevance Health’s payout ratio is presently 24.64%.

About Elevance Health

(Free Report)

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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Institutional Ownership by Quarter for Elevance Health (NYSE:ELV)

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