Oxbow Advisors LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,372 shares of the company’s stock after selling 166 shares during the quarter. Oxbow Advisors LLC’s holdings in Elevance Health were worth $5,620,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Elevance Health during the 4th quarter valued at approximately $1,347,434,000. Massachusetts Financial Services Co. MA bought a new position in shares of Elevance Health in the fourth quarter worth $467,141,000. Canoe Financial LP boosted its holdings in shares of Elevance Health by 158.1% in the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock worth $398,054,000 after acquiring an additional 517,116 shares during the period. Morningstar Investment Services LLC purchased a new position in shares of Elevance Health in the fourth quarter valued at $239,244,000. Finally, Focused Investors Fund L P bought a new stake in shares of Elevance Health during the 1st quarter valued at $249,884,000. Institutional investors own 89.24% of the company’s stock.
Analysts Set New Price Targets
ELV has been the subject of a number of recent analyst reports. TD Cowen reduced their target price on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a report on Friday, July 19th. Robert W. Baird began coverage on shares of Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective for the company. Bank of America reaffirmed a “neutral” rating and set a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Truist Financial raised their price target on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Royal Bank of Canada upped their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Elevance Health presently has an average rating of “Buy” and an average target price of $604.29.
Elevance Health Price Performance
NYSE:ELV traded down $2.49 during mid-day trading on Friday, reaching $541.91. The stock had a trading volume of 1,059,242 shares, compared to its average volume of 1,017,658. The stock has a market capitalization of $125.95 billion, a P/E ratio of 20.48, a P/E/G ratio of 1.22 and a beta of 0.84. The firm has a 50 day moving average price of $533.79 and a two-hundred day moving average price of $526.48. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $567.26.
Elevance Health (NYSE:ELV – Get Free Report) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $43.22 billion during the quarter, compared to analyst estimates of $42.99 billion. During the same period in the previous year, the business posted $9.04 EPS. The business’s quarterly revenue was down .4% on a year-over-year basis. As a group, analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current year.
Elevance Health Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.
Insider Transactions at Elevance Health
In related news, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,058 shares of company stock worth $17,588,116. Company insiders own 0.35% 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.
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