Wealthfront Advisers LLC Cuts Stock Position in Elevance Health, Inc. $ELV

Wealthfront Advisers LLC lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 23.2% during the 1st quarter, Holdings Channel reports. The firm owned 33,855 shares of the company’s stock after selling 10,217 shares during the period. Wealthfront Advisers LLC’s holdings in Elevance Health were worth $9,911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new stake in Elevance Health during the 4th quarter worth approximately $1,058,165,000. Wellington Management Group LLP lifted its holdings in Elevance Health by 25.2% during the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock worth $2,906,051,000 after buying an additional 1,668,679 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Elevance Health by 27.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock valued at $2,610,261,000 after buying an additional 1,607,274 shares during the period. Invesco Ltd. grew its stake in shares of Elevance Health by 50.3% in the fourth quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock worth $1,368,505,000 after acquiring an additional 1,306,390 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Elevance Health by 79.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,408,704 shares of the company’s stock worth $844,371,000 after acquiring an additional 1,065,065 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a research note on Monday, June 8th. Citigroup raised Elevance Health to a “buy” rating in a research note on Wednesday, April 29th. Robert W. Baird upped their price target on Elevance Health from $331.00 to $393.00 and gave the stock a “neutral” rating in a report on Thursday. UBS Group lifted their price objective on Elevance Health from $400.00 to $460.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Finally, Evercore reissued a “hold” rating on shares of Elevance Health in a research report on Tuesday, May 19th. Fifteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $440.90.

Insider Activity at Elevance Health

In other news, Director Robert L. Dixon, Jr. sold 151 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.

Elevance Health Price Performance

Elevance Health stock opened at $372.68 on Friday. The stock has a market cap of $80.82 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 2.10 and a beta of 0.67. The company has a fifty day simple moving average of $399.55 and a 200-day simple moving average of $355.35. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $436.24. The company has a current ratio of 1.52, a quick ratio of 1.48 and a debt-to-equity ratio of 0.68.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating the consensus estimate of $6.21 by $1.24. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.The firm had revenue of $49.83 billion for the quarter, compared to analyst estimates of $48.88 billion. During the same quarter in the prior year, the company posted $8.84 earnings per share. Elevance Health’s revenue for the quarter was up .8% compared to the same quarter last year. Equities analysts expect that Elevance Health, Inc. will post 27.05 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 10th will be issued a $1.72 dividend. The ex-dividend date is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. Elevance Health’s dividend payout ratio is presently 29.26%.

Key Elevance Health News

Here are the key news stories impacting Elevance Health this week:

• Positive Sentiment: Elevance posted stronger-than-expected second-quarter results and raised its full-year outlook, which supports the bullish case for the stock. Elevance Health Beats Q2 And Raises Outlook While Leaving More Medicaid Markets
• Positive Sentiment: Several analysts turned more constructive after earnings, including Guggenheim raising its target to $455 and TD Cowen reiterating a Buy rating, suggesting confidence in upside from current levels. These Analysts Revise Their Forecasts On Elevance Health Following Q2 Earnings
• Positive Sentiment: Barclays also maintained an Overweight rating, even though it trimmed its price target, which still implies meaningful upside and reflects continued analyst support. Barclays price target update on Elevance Health
• Neutral Sentiment: Elevance’s Q2 earnings call highlighted growth opportunities, but also acknowledged ongoing strain in parts of the business, making the near-term outlook more balanced than purely upbeat. Elevance Health earnings call: growth levers amid strain
• Negative Sentiment: Shares are being held back by margin pressure and concerns around the company’s Medicaid exposure, which some coverage framed as a reason the stock slipped despite the earnings beat. Elevance Health beats second-quarter forecasts but shares slide on margin pressure
• Negative Sentiment: Market commentary also noted ELV underperformed peers recently, indicating investor caution even after the earnings report. Elevance Health Inc. stock underperforms Thursday when compared to competitors

Elevance Health Profile

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.