Elevance Health, Inc. $ELV Shares Sold by Summit Global Investments

Summit Global Investments lowered its stake in Elevance Health, Inc. (NYSE:ELV) by 54.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,421 shares of the company’s stock after selling 5,190 shares during the period. Summit Global Investments’ holdings in Elevance Health were worth $1,294,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Signet Financial Management LLC increased its position in Elevance Health by 3.5% during the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock worth $245,000 after purchasing an additional 28 shares during the period. Fulton Breakefield Broenniman LLC raised its position in Elevance Health by 3.6% in the fourth quarter. Fulton Breakefield Broenniman LLC now owns 825 shares of the company’s stock worth $289,000 after acquiring an additional 29 shares in the last quarter. Perigon Wealth Management LLC lifted its holdings in Elevance Health by 2.2% in the fourth quarter. Perigon Wealth Management LLC now owns 1,371 shares of the company’s stock valued at $481,000 after acquiring an additional 29 shares during the period. Savvy Advisors Inc. lifted its holdings in Elevance Health by 3.2% in the fourth quarter. Savvy Advisors Inc. now owns 979 shares of the company’s stock valued at $343,000 after acquiring an additional 30 shares during the period. Finally, CoreCap Advisors LLC boosted its position in shares of Elevance Health by 6.1% during the 4th quarter. CoreCap Advisors LLC now owns 557 shares of the company’s stock worth $195,000 after purchasing an additional 32 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Price Performance

Elevance Health stock opened at $393.46 on Wednesday. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $436.24. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm’s 50-day simple moving average is $399.56 and its 200 day simple moving average is $355.93. The firm has a market capitalization of $85.33 billion, a PE ratio of 17.49, a P/E/G ratio of 2.20 and a beta of 0.67.

Elevance Health (NYSE:ELV) last posted its earnings results 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 during the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the firm posted $8.84 EPS. On average, equities research analysts predict that Elevance Health, Inc. will post 27.08 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s dividend payout ratio (DPR) is 30.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ELV shares. Jefferies Financial Group cut their price target on shares of Elevance Health from $395.00 to $391.00 and set a “buy” rating for the company in a report on Monday, April 20th. Weiss Ratings raised shares of Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 18th. Citigroup raised shares of Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Guggenheim lifted their price target on shares of Elevance Health from $399.00 to $455.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Finally, Sanford C. Bernstein set a $488.00 price target on Elevance Health in a research note on Thursday, July 16th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $440.90.

Insider Activity

In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the transaction, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.34% of the stock is owned by corporate insiders.

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.