Adage Capital Partners GP L.L.C. Cuts Stake in Elevance Health, Inc. (NYSE:ELV)

Adage Capital Partners GP L.L.C. lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 34.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 96,629 shares of the company’s stock after selling 50,428 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in Elevance Health were worth $35,646,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. Virtu Financial LLC bought a new position in shares of Elevance Health during the 3rd quarter valued at about $2,828,000. Te Ahumairangi Investment Management Ltd boosted its stake in Elevance Health by 39.6% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 10,508 shares of the company’s stock valued at $5,433,000 after buying an additional 2,983 shares during the last quarter. Tudor Financial Inc. purchased a new position in Elevance Health during the 3rd quarter valued at approximately $235,000. Anchor Investment Management LLC increased its stake in Elevance Health by 22.9% in the 3rd quarter. Anchor Investment Management LLC now owns 6,098 shares of the company’s stock worth $3,171,000 after acquiring an additional 1,135 shares during the last quarter. Finally, World Investment Advisors LLC purchased a new stake in shares of Elevance Health during the 3rd quarter worth approximately $8,855,000. Institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling at Elevance Health

In other news, CAO Ronald W. Penczek sold 443 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the completion of the transaction, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at $4,008,970.80. This trade represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on ELV. Truist Financial raised their target price on shares of Elevance Health from $480.00 to $510.00 and gave the company a “buy” rating in a report on Friday, April 11th. Sanford C. Bernstein reissued an “outperform” rating on shares of Elevance Health in a research note on Friday, March 28th. Guggenheim restated a “buy” rating and set a $518.00 target price on shares of Elevance Health in a research report on Wednesday. Baird R W lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Finally, Mizuho boosted their price objective on Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $509.44.

Elevance Health Trading Up 0.5 %

NYSE ELV opened at $429.08 on Friday. The stock has a market cap of $97.14 billion, a PE ratio of 16.75, a PEG ratio of 1.18 and a beta of 0.77. Elevance Health, Inc. has a 12 month low of $362.21 and a 12 month high of $567.26. The company’s 50-day moving average price is $419.22 and its 200-day moving average price is $408.94. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last issued its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. The business had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Equities research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 26.71%.

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.