E Fund Management Co. Ltd. Sells 112 Shares of Elevance Health, Inc. (NYSE:ELV)

E Fund Management Co. Ltd. lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 7.9% in the first quarter, Holdings Channel reports. The firm owned 1,313 shares of the company’s stock after selling 112 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Elevance Health were worth $571,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accredited Wealth Management LLC acquired a new position in Elevance Health in the fourth quarter valued at about $25,000. Private Wealth Management Group LLC raised its stake in Elevance Health by 152.0% in the first quarter. Private Wealth Management Group LLC now owns 63 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Riverview Trust Co raised its stake in Elevance Health by 1,340.0% in the first quarter. Riverview Trust Co now owns 72 shares of the company’s stock valued at $31,000 after purchasing an additional 67 shares in the last quarter. North Capital Inc. acquired a new position in Elevance Health in the first quarter valued at about $36,000. Finally, Orion Capital Management LLC acquired a new position in Elevance Health in the fourth quarter valued at about $39,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Insider Buying and Selling

In related news, CEO Gail Boudreaux bought 8,500 shares of Elevance Health stock in a transaction that occurred on Friday, July 18th. The shares were acquired at an average cost of $286.94 per share, for a total transaction of $2,438,990.00. Following the completion of the acquisition, the chief executive officer directly owned 151,020 shares of the company’s stock, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by insiders.

Analysts Set New Price Targets

ELV has been the subject of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $485.00 price target on shares of Elevance Health in a research note on Wednesday, April 23rd. Royal Bank Of Canada reissued an “outperform” rating and set a $478.00 target price on shares of Elevance Health in a research note on Wednesday, June 4th. Wells Fargo & Company lowered their target price on Elevance Health from $478.00 to $400.00 and set an “overweight” rating for the company in a research note on Tuesday, July 15th. Argus reissued a “hold” rating on shares of Elevance Health in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. lowered their target price on Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a research note on Tuesday, July 22nd. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $418.19.

Elevance Health Stock Performance

NYSE:ELV opened at $294.18 on Thursday. The stock has a market cap of $66.24 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 1.07 and a beta of 0.58. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock’s 50-day moving average is $335.00 and its 200-day moving average is $383.25. Elevance Health, Inc. has a 1-year low of $273.71 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Thursday, July 17th. The company reported $8.84 earnings per share for the quarter, missing the consensus estimate of $9.30 by ($0.46). The firm had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $10.12 earnings per share. Equities research analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Wednesday, September 10th will be issued a $1.71 dividend. The ex-dividend date is Wednesday, September 10th. This represents a $6.84 annualized dividend and a yield of 2.3%. Elevance Health’s dividend payout ratio is presently 29.11%.

About Elevance Health

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.