Allspring Global Investments Holdings LLC Sells 1,935 Shares of Elevance Health, Inc. $ELV

Allspring Global Investments Holdings LLC reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 8.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,366 shares of the company’s stock after selling 1,935 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Elevance Health were worth $6,775,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC lifted its holdings in shares of Elevance Health by 94.9% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 76 shares of the company’s stock valued at $30,000 after purchasing an additional 37 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new stake in Elevance Health in the 2nd quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc raised its position in Elevance Health by 400.0% in the 2nd quarter. Glass Jacobson Investment Advisors llc now owns 100 shares of the company’s stock valued at $39,000 after buying an additional 80 shares during the last quarter. Trust Co. of Toledo NA OH bought a new stake in Elevance Health in the 2nd quarter valued at approximately $43,000. Finally, VSM Wealth Advisory LLC acquired a new position in Elevance Health during the 2nd quarter worth approximately $61,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Stock Up 2.2%

Shares of ELV opened at $371.62 on Wednesday. The firm has a market cap of $82.59 billion, a P/E ratio of 15.19, a price-to-earnings-growth ratio of 1.87 and a beta of 0.51. The firm’s 50-day simple moving average is $335.42 and its 200 day simple moving average is $328.04. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $458.75.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. The firm had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The company’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period in the prior year, the firm posted $8.37 EPS. On average, analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, December 5th. Elevance Health’s dividend payout ratio is presently 27.96%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ELV shares. Morgan Stanley cut their price objective on shares of Elevance Health from $359.00 to $352.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 17th. Wall Street Zen cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research report on Saturday, December 13th. JPMorgan Chase & Co. increased their price objective on shares of Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. The Goldman Sachs Group assumed coverage on Elevance Health in a research report on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 target price on the stock. Finally, Weiss Ratings lowered Elevance Health from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, December 29th. Twelve research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Elevance Health has an average rating of “Hold” and a consensus target price of $397.79.

Elevance Health Company Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.