Sector Gamma AS Trims Holdings in Elevance Health, Inc. (NYSE:ELV)

Sector Gamma AS reduced its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 32.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 27,807 shares of the company’s stock after selling 13,340 shares during the period. Elevance Health accounts for 3.2% of Sector Gamma AS’s portfolio, making the stock its 14th biggest position. Sector Gamma AS’s holdings in Elevance Health were worth $13,113,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in ELV. OFI Invest Asset Management bought a new position in Elevance Health during the third quarter worth $25,000. Alaska Permanent Fund Corp bought a new position in Elevance Health during the fourth quarter worth $31,000. ORG Partners LLC bought a new position in Elevance Health during the fourth quarter worth $40,000. Orion Capital Management LLC bought a new position in Elevance Health during the third quarter worth $46,000. Finally, Milestone Investment Advisors LLC bought a new position in Elevance Health during the third quarter worth $51,000. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ELV. Wells Fargo & Company raised their price objective on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. StockNews.com cut Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Barclays raised their target price on Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. UBS Group raised their price target on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $580.00 price target on shares of Elevance Health in a report on Wednesday, April 10th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $587.42.

Elevance Health Trading Down 0.4 %

ELV traded down $2.42 during trading on Friday, reaching $537.26. The company had a trading volume of 700,726 shares, compared to its average volume of 1,135,198. The firm’s 50-day simple moving average is $511.89 and its 200 day simple moving average is $486.40. The company has a market cap of $124.87 billion, a price-to-earnings ratio of 20.30, a PEG ratio of 1.19 and a beta of 0.78. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $542.07. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The firm had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period last year, the company posted $9.46 EPS. The business’s quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that Elevance Health, Inc. will post 37.24 earnings per share for the current year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. Elevance Health’s payout ratio is presently 24.64%.

Insiders Place Their Bets

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total value of $7,531,605.14. Following the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The disclosure for this sale can be found here. Corporate insiders own 0.35% 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.