Pinebridge Investments L.P. Sells 15,027 Shares of Elevance Health, Inc. (NYSE:ELV)

Pinebridge Investments L.P. decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 54.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 12,456 shares of the company’s stock after selling 15,027 shares during the period. Pinebridge Investments L.P.’s holdings in Elevance Health were worth $4,595,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Flagship Wealth Advisors LLC bought a new position in shares of Elevance Health in the 4th quarter valued at about $26,000. OFI Invest Asset Management acquired a new position in Elevance Health during the fourth quarter valued at approximately $29,000. WealthTrak Capital Management LLC bought a new position in Elevance Health in the fourth quarter valued at approximately $29,000. Lee Danner & Bass Inc. acquired a new position in shares of Elevance Health during the 4th quarter worth approximately $30,000. Finally, Crews Bank & Trust bought a new stake in shares of Elevance Health during the 4th quarter worth approximately $34,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Down 1.7 %

ELV stock opened at $421.55 on Friday. The business’s fifty day moving average price is $420.00 and its two-hundred day moving average price is $408.48. The stock has a market capitalization of $95.43 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.18 and a beta of 0.77. Elevance Health, Inc. has a fifty-two week low of $362.21 and a fifty-two week high of $567.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.45 and a quick ratio of 1.50.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Tuesday, April 22nd. The company reported $11.97 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $46.26 billion. On average, equities analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 25th. Investors 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 1.62%. The ex-dividend date is Tuesday, June 10th. Elevance Health’s dividend payout ratio is currently 26.71%.

Insiders Place Their Bets

In related news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer now owns 18,977 shares in the company, valued at approximately $8,061,809.14. This trade represents a 19.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the transaction, the executive vice president now owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,535 shares of company stock worth $3,521,612 in the last 90 days. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ELV. Baird R W cut shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Barclays boosted their price objective on shares of Elevance Health from $512.00 to $522.00 and gave the stock an “overweight” rating in a research note on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $478.00 target price on shares of Elevance Health in a report on Wednesday. Mizuho lifted their price target on Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a report on Wednesday, April 9th. Finally, Stephens lowered Elevance Health from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $509.44.

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.