140 Summer Partners LP Lowers Holdings in Elevance Health, Inc. (NYSE:ELV)

140 Summer Partners LP lowered its position in Elevance Health, Inc. (NYSE:ELV) by 32.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,400 shares of the company’s stock after selling 42,659 shares during the quarter. Elevance Health makes up about 4.0% of 140 Summer Partners LP’s portfolio, making the stock its 13th biggest position. 140 Summer Partners LP’s holdings in Elevance Health were worth $33,349,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ELV. Cypress Advisory Group LLC purchased a new stake in shares of Elevance Health in the 4th quarter worth approximately $1,783,000. Mercer Global Advisors Inc. ADV purchased a new stake in Elevance Health during the fourth quarter worth $17,043,000. Keel Point LLC boosted its position in Elevance Health by 4.5% during the 4th quarter. Keel Point LLC now owns 1,254 shares of the company’s stock valued at $463,000 after acquiring an additional 54 shares in the last quarter. Voleon Capital Management LP purchased a new position in shares of Elevance Health in the 4th quarter valued at $2,668,000. Finally, Utah Retirement Systems raised its position in shares of Elevance Health by 0.5% in the 4th quarter. Utah Retirement Systems now owns 38,650 shares of the company’s stock worth $14,258,000 after acquiring an additional 200 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ELV shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $485.00 target price on shares of Elevance Health in a research note on Wednesday, April 23rd. Guggenheim reaffirmed a “buy” rating and issued a $518.00 price objective on shares of Elevance Health in a research report on Wednesday, April 23rd. Baird R W cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Truist Financial lifted their price target on shares of Elevance Health from $480.00 to $510.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Finally, Wells Fargo & Company decreased their price objective on Elevance Health from $483.00 to $478.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $510.38.

Insider Buying and Selling

In other news, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This represents a 25.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Kaye sold 4,588 shares of Elevance Health stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $424.82, for a total value of $1,949,074.16. Following the completion of the transaction, the chief financial officer now owns 18,977 shares of the company’s stock, valued at approximately $8,061,809.14. This represents a 19.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,535 shares of company stock valued at $3,521,612 over the last ninety days. Company insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $408.52 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a twelve month low of $362.21 and a twelve month high of $567.26. The company’s 50 day moving average is $422.07 and its 200 day moving average is $406.13. The company has a market cap of $92.30 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 1.18 and a beta of 0.77.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The firm had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. On average, sell-side analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.67%. Elevance Health’s payout ratio is 26.69%.

Elevance Health 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.