Intech Investment Management LLC Decreases Holdings in Elevance Health, Inc. $ELV

Intech Investment Management LLC trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 35.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,743 shares of the company’s stock after selling 13,874 shares during the period. Intech Investment Management LLC’s holdings in Elevance Health were worth $10,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Elevance Health by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock worth $9,635,281,000 after buying an additional 666,534 shares during the last quarter. Orbis Allan Gray Ltd lifted its holdings in Elevance Health by 31.4% during the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock worth $1,239,276,000 after buying an additional 680,228 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Elevance Health by 13.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company’s stock worth $1,164,041,000 after buying an additional 324,040 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Elevance Health by 9.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,352,163 shares of the company’s stock worth $867,713,000 after buying an additional 199,550 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Elevance Health by 1.2% during the 1st quarter. Invesco Ltd. now owns 2,116,289 shares of the company’s stock worth $920,501,000 after buying an additional 24,833 shares during the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ELV shares. UBS Group cut their target price on Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a research report on Friday, September 5th. Royal Bank Of Canada reiterated an “outperform” rating and set a $478.00 target price on shares of Elevance Health in a research report on Wednesday, June 4th. Wells Fargo & Company cut their target price on Elevance Health from $400.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, August 15th. Leerink Partnrs cut Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 17th. Finally, Argus reiterated a “hold” rating on shares of Elevance Health in a research report on Monday, July 21st. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $411.06.

Elevance Health Stock Performance

Shares of ELV stock opened at $307.01 on Thursday. The stock has a market capitalization of $69.13 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.15 and a beta of 0.59. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $559.95. The stock’s 50-day moving average price is $307.94 and its 200 day moving average price is $371.82. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. The company had revenue of $49.42 billion during the quarter, compared to analyst estimates of $48.26 billion. During the same quarter last year, the firm earned $10.12 EPS. The business’s revenue was up 14.3% on a year-over-year basis. As a group, equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th will be given a dividend of $1.71 per share. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.2%. Elevance Health’s payout ratio is presently 29.11%.

Insider Activity at Elevance Health

In other news, CEO Gail Boudreaux purchased 8,500 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average price of $286.94 per share, for a total transaction of $2,438,990.00. Following the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average price of $312.15 per share, for a total transaction of $374,580.00. Following the acquisition, the director owned 3,502 shares in the company, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company’s stock.

Elevance Health Company 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.