PGGM Investments Reduces Position in Elevance Health, Inc. (NYSE:ELV)

PGGM Investments trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 7.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,535 shares of the company’s stock after selling 723 shares during the quarter. PGGM Investments’ holdings in Elevance Health were worth $4,025,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. OFI Invest Asset Management bought a new stake in Elevance Health in the third quarter valued at about $25,000. Alaska Permanent Fund Corp bought a new stake in Elevance Health in the fourth quarter valued at about $31,000. ORG Partners LLC bought a new stake in Elevance Health in the fourth quarter valued at about $40,000. Orion Capital Management LLC bought a new stake in Elevance Health in the third quarter valued at about $46,000. Finally, Milestone Investment Advisors LLC bought a new stake in Elevance Health in the third quarter valued at about $51,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Barclays lifted 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. Mizuho boosted their price objective on Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Truist Financial reiterated a “buy” rating and set a $600.00 price objective (up from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Royal Bank of Canada boosted their price objective on Elevance Health from $574.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. Finally, Jefferies Financial Group boosted their price objective on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $587.42.

Insider Activity

In other news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on 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 owns 9,109 shares of the company’s stock, valued at $4,554,500. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $537.26 on Monday. The company’s fifty day moving average is $511.89 and its two-hundred day moving average is $486.85. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $542.07. The company has a market cap of $124.87 billion, a P/E ratio of 20.30, a price-to-earnings-growth ratio of 1.19 and a beta of 0.78.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion for the quarter, compared to the consensus estimate of $42.49 billion. During the same period in the previous year, the business earned $9.46 EPS. The company’s revenue was up .9% on a year-over-year basis. Equities analysts expect that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

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.