Geode Capital Management LLC Sells 72,833 Shares of Elevance Health, Inc. $ELV

Geode Capital Management LLC lowered its stake in Elevance Health, Inc. (NYSE:ELV) by 1.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,093,882 shares of the company’s stock after selling 72,833 shares during the quarter. Geode Capital Management LLC owned about 2.26% of Elevance Health worth $1,977,051,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ELV. Nuveen LLC bought a new position in Elevance Health during the first quarter valued at approximately $789,943,000. Orbis Allan Gray Ltd boosted its position in shares of Elevance Health by 31.4% during 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 acquiring an additional 680,228 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Elevance Health by 3.1% during the 1st 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 during the last quarter. Boston Partners increased its position in Elevance Health by 241.3% in the first quarter. Boston Partners now owns 856,737 shares of the company’s stock worth $372,039,000 after purchasing an additional 605,689 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Elevance Health by 13.8% during 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 purchasing an additional 324,040 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insiders Place Their Bets

In other news, Director Susan D. Devore bought 1,200 shares of Elevance Health stock in a transaction on Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, for a total transaction of $374,580.00. Following the completion of the acquisition, the director owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Zacks Research raised shares of Elevance Health from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Leerink Partnrs lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 17th. Wall Street Zen cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. TD Cowen raised their price objective on Elevance Health from $330.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Elevance Health from $384.00 to $394.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Twelve equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $397.33.

Elevance Health Trading Up 4.0%

NYSE ELV opened at $327.89 on Thursday. Elevance Health, Inc. has a one year low of $273.71 and a one year high of $458.75. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $72.87 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 1.23 and a beta of 0.60. The company’s 50-day simple moving average is $329.09 and its two-hundred day simple moving average is $342.54.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00. The company had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. Elevance Health’s revenue was up 12.0% compared to the same quarter last year. During the same period last year, the company posted $8.37 earnings per share. Equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Elevance Health’s dividend payout ratio is 27.96%.

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.