Truist Financial Corp Decreases Position in Elevance Health, Inc. (NYSE:ELV)

Truist Financial Corp trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 8.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 533,464 shares of the company’s stock after selling 48,655 shares during the quarter. Truist Financial Corp owned 0.23% of Elevance Health worth $251,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC raised its position in shares of Elevance Health by 45,888.1% in the 4th quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after purchasing an additional 255,138 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Elevance Health by 212.7% in the third quarter. Assenagon Asset Management S.A. now owns 366,833 shares of the company’s stock worth $159,726,000 after buying an additional 249,533 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Elevance Health by 57.7% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 640,905 shares of the company’s stock worth $279,063,000 after buying an additional 234,439 shares during the period. Schroder Investment Management Group grew its holdings in shares of Elevance Health by 18.2% during the third quarter. Schroder Investment Management Group now owns 1,330,883 shares of the company’s stock valued at $579,493,000 after buying an additional 204,715 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its position in shares of Elevance Health by 59.3% in the 3rd quarter. Qube Research & Technologies Ltd now owns 491,504 shares of the company’s stock valued at $214,011,000 after acquiring an additional 182,889 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

ELV traded down $2.42 on Friday, reaching $537.26. The stock had a trading volume of 700,258 shares, compared to its average volume of 1,059,909. The business’s 50-day moving average price is $511.89 and its two-hundred day moving average price is $486.40. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health, Inc. has a 12-month low of $412.00 and a 12-month high of $542.07. The company has a market cap of $124.87 billion, a P/E ratio of 20.30, a price-to-earnings-growth ratio of 1.18 and a beta of 0.78.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, beating the consensus estimate of $10.54 by $0.10. The firm had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. Elevance Health’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $9.46 EPS. Sell-side analysts forecast that Elevance Health, Inc. will post 37.24 earnings per share for the current year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.21%. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Jefferies Financial Group lifted their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $580.00 target price on shares of Elevance Health in a research report on Wednesday, April 10th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 25th. Wells Fargo & Company upped their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Mizuho raised their target price on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and a consensus price target of $587.42.

Insider Activity at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the transaction, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now owns 9,109 shares of the company’s stock, valued at $4,554,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The disclosure for this sale can be found here. 0.35% of the stock is owned by corporate insiders.

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.