Elevance Health, Inc. $ELV Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership cut its stake in Elevance Health, Inc. (NYSE:ELV) by 9.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,225,800 shares of the company’s stock after selling 121,189 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.56% of Elevance Health worth $358,853,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Norges Bank bought a new stake in shares of Elevance Health in the 4th quarter worth $1,058,165,000. Wellington Management Group LLP boosted its position in shares of Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after purchasing an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock worth $2,610,261,000 after purchasing an additional 1,607,274 shares during the last quarter. Invesco Ltd. grew its stake in shares of Elevance Health by 50.3% in the 4th quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock worth $1,368,505,000 after purchasing an additional 1,306,390 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Elevance Health by 79.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,408,704 shares of the company’s stock worth $844,371,000 after purchasing an additional 1,065,065 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.34% of the company’s stock.

Elevance Health Price Performance

ELV opened at $378.48 on Friday. The stock has a market cap of $82.08 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 2.24 and a beta of 0.67. The stock has a fifty day moving average price of $399.00 and a 200 day moving average price of $356.37. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $436.24. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, beating the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the firm earned $8.84 earnings per share. Analysts forecast that Elevance Health, Inc. will post 27.08 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be paid a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Thursday, September 10th. Elevance Health’s dividend payout ratio is 30.58%.

Analysts Set New Price Targets

ELV has been the topic of several research reports. Morgan Stanley upped their price target on Elevance Health from $352.00 to $404.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Jefferies Financial Group reduced their price objective on Elevance Health from $395.00 to $391.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Bank of America lifted their target price on Elevance Health from $435.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Raymond James Financial set a $450.00 target price on Elevance Health in a report on Tuesday, July 7th. Finally, Mizuho boosted their price objective on Elevance Health from $435.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

About Elevance Health

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.