Weiss Asset Management LP Decreases Stock Position in Elevance Health, Inc. $ELV

Weiss Asset Management LP lessened its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 53.8% in the 1st quarter, Holdings Channel reports. The firm owned 52,671 shares of the company’s stock after selling 61,253 shares during the period. Weiss Asset Management LP’s holdings in Elevance Health were worth $15,419,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. lifted its position in shares of Elevance Health by 7.7% in the second quarter. Sei Investments Co. now owns 163,668 shares of the company’s stock worth $63,666,000 after buying an additional 11,745 shares in the last quarter. Glenview Trust co grew its holdings in Elevance Health by 41.5% during the 2nd quarter. Glenview Trust co now owns 1,619 shares of the company’s stock valued at $630,000 after buying an additional 475 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Elevance Health by 6.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 65,945 shares of the company’s stock worth $25,650,000 after acquiring an additional 4,272 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Elevance Health by 5.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,371 shares of the company’s stock worth $16,478,000 after acquiring an additional 2,012 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Elevance Health by 111.8% during the 2nd quarter. Quantinno Capital Management LP now owns 43,911 shares of the company’s stock worth $17,080,000 after acquiring an additional 23,180 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ELV. JPMorgan Chase & Co. increased their target price on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Evercore reaffirmed a “hold” rating on shares of Elevance Health in a research note on Tuesday, May 19th. Barclays lowered their price objective on shares of Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a research report on Thursday, July 16th. Guggenheim lifted their price objective on shares of Elevance Health from $399.00 to $455.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and boosted their target price for the stock from $363.00 to $498.00 in a report on Wednesday, May 20th. Fifteen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Insiders Place Their Bets

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the transaction, the director owned 10,734 shares in the company, valued at $4,312,599.18. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.34% of the stock is owned by company insiders.

Elevance Health Price Performance

NYSE:ELV opened at $377.39 on Friday. The firm has a market capitalization of $81.84 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 2.17 and a beta of 0.67. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.52. The business has a 50 day simple moving average of $398.69 and a 200-day simple moving average of $356.52. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $436.24.

Elevance Health (NYSE:ELV) last released 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. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter in the previous year, the company posted $8.84 EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. Equities analysts forecast that Elevance Health, Inc. will post 27.04 EPS for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders 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 yield of 1.8%. The ex-dividend date of this dividend is Thursday, September 10th. Elevance Health’s payout ratio is presently 30.58%.

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.