QRG Capital Management Inc. Sells 38,150 Shares of Elevance Health, Inc. $ELV

QRG Capital Management Inc. lowered its stake in Elevance Health, Inc. (NYSE:ELV) by 50.2% in the 2nd quarter, Holdings Channel reports. The firm owned 37,811 shares of the company’s stock after selling 38,150 shares during the quarter. QRG Capital Management Inc.’s holdings in Elevance Health were worth $14,707,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Elevance Health by 3.1% during the first quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock valued at $9,635,281,000 after acquiring an additional 666,534 shares in the last quarter. Orbis Allan Gray Ltd boosted its holdings in Elevance Health by 31.4% in the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock valued at $1,239,276,000 after purchasing an additional 680,228 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Elevance Health by 13.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,676,203 shares of the company’s stock valued at $1,164,041,000 after purchasing an additional 324,040 shares during the period. Invesco Ltd. grew its position in shares of Elevance Health by 1.2% during the 1st quarter. Invesco Ltd. now owns 2,116,289 shares of the company’s stock valued at $920,501,000 after purchasing an additional 24,833 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Elevance Health by 1.5% in the first quarter. Ameriprise Financial Inc. now owns 1,943,616 shares of the company’s stock worth $845,394,000 after purchasing an additional 29,174 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ELV. Leerink Partners reissued a “market perform” rating and set a $310.00 price objective (down previously from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Wells Fargo & Company dropped their price target on Elevance Health from $400.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, August 15th. JPMorgan Chase & Co. cut their price objective on Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a report on Tuesday, July 22nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Elevance Health in a research note on Saturday, September 27th. Finally, Wall Street Zen cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. Twelve investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Elevance Health presently has an average rating of “Moderate Buy” and an average target price of $411.06.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $351.11 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market cap of $79.06 billion, a PE ratio of 14.94, a PEG ratio of 1.28 and a beta of 0.59. The company’s fifty day moving average is $307.98 and its 200 day moving average is $361.19. Elevance Health, Inc. has a 52 week low of $273.71 and a 52 week high of $510.24.

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

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Wednesday, September 10th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health’s payout ratio is 29.11%.

Insider Activity at Elevance Health

In other news, Director Susan D. Devore bought 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the purchase, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gail Boudreaux purchased 8,500 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were purchased at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the acquisition, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.29% of the company’s stock.

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.