Metis Global Partners LLC Lowers Position in Elevance Health, Inc. $ELV

Metis Global Partners LLC lowered its position in Elevance Health, Inc. (NYSE:ELV) by 10.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,736 shares of the company’s stock after selling 1,205 shares during the quarter. Metis Global Partners LLC’s holdings in Elevance Health were worth $4,176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Elevance Health in the first quarter worth $789,943,000. Orbis Allan Gray Ltd lifted its position in Elevance Health by 31.4% during the 1st quarter. Orbis Allan Gray Ltd now owns 2,849,173 shares of the company’s stock worth $1,239,276,000 after acquiring an additional 680,228 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Elevance Health by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 22,152,108 shares of the company’s stock worth $9,635,281,000 after acquiring an additional 666,534 shares during the period. Boston Partners grew its position in Elevance Health by 241.3% in the first quarter. Boston Partners now owns 856,737 shares of the company’s stock valued at $372,039,000 after acquiring an additional 605,689 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Elevance Health by 13.8% in the first 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 acquiring an additional 324,040 shares in the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ELV shares. The Goldman Sachs Group began coverage on shares of Elevance Health in a research note on Tuesday, October 14th. They set a “neutral” rating and a $343.00 price target on the stock. UBS Group dropped their target price on Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a research report on Friday, September 5th. Guggenheim raised their price objective on Elevance Health from $360.00 to $398.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Leerink Partnrs lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 17th. Finally, Morgan Stanley raised their price target on shares of Elevance Health from $316.00 to $359.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, Elevance Health has an average rating of “Moderate Buy” and an average price target of $397.33.

Elevance Health Price Performance

Shares of NYSE:ELV opened at $317.51 on Friday. The company has a market cap of $70.56 billion, a PE ratio of 12.98, a P/E/G ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $458.75. The firm has a 50-day simple moving average of $329.41 and a 200 day simple moving average of $344.86. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The business had revenue of $50.09 billion for the quarter, compared to analysts’ expectations of $49.26 billion. During the same period in the prior year, the firm earned $8.37 EPS. The business’s quarterly revenue was up 12.0% on a year-over-year basis. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, December 5th. This represents a $6.84 annualized dividend and a dividend yield of 2.2%. Elevance Health’s dividend payout ratio is currently 27.96%.

Insider Buying and Selling at Elevance Health

In other news, Director Susan D. Devore acquired 1,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the transaction, the director directly owned 3,502 shares in the company, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is currently owned by company insiders.

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.