Acadian Asset Management LLC Sells 22,218 Shares of Elevance Health, Inc. (NYSE:ELV)

Acadian Asset Management LLC trimmed its holdings in Elevance Health, Inc. (NYSE:ELV) by 40.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,453 shares of the company’s stock after selling 22,218 shares during the quarter. Acadian Asset Management LLC’s holdings in Elevance Health were worth $16,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the stock. Cornerstone Advisors LLC grew its stake in Elevance Health by 1.7% in the first quarter. Cornerstone Advisors LLC now owns 12,000 shares of the company’s stock valued at $6,222,000 after acquiring an additional 200 shares during the period. Te Ahumairangi Investment Management Ltd increased its stake in Elevance Health by 51.0% during the 1st quarter. Te Ahumairangi Investment Management Ltd now owns 7,893 shares of the company’s stock valued at $4,093,000 after purchasing an additional 2,665 shares in the last quarter. M&G Plc acquired a new position in Elevance Health during the first quarter worth $203,389,000. Brighton Jones LLC lifted its stake in shares of Elevance Health by 1.0% in the first quarter. Brighton Jones LLC now owns 3,986 shares of the company’s stock valued at $2,067,000 after buying an additional 38 shares in the last quarter. Finally, ProVise Management Group LLC grew its holdings in shares of Elevance Health by 9.5% during the first quarter. ProVise Management Group LLC now owns 20,769 shares of the company’s stock valued at $10,770,000 after buying an additional 1,805 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE:ELV traded down $4.60 during midday trading on Friday, reaching $500.12. The company had a trading volume of 1,290,483 shares, compared to its average volume of 1,179,336. The stock has a market cap of $115.97 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.10 and a beta of 0.84. The company’s 50 day moving average price is $533.12 and its 200 day moving average price is $515.24. The company has a current ratio of 1.49, a quick ratio of 1.37 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a 52-week low of $431.38 and a 52-week high of $555.35.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same period in the previous year, the company earned $9.04 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. As a group, sell-side analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.30%. The ex-dividend date is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is 24.64%.

Insiders Place Their Bets

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the sale, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ELV. UBS Group upped their target price on shares of Elevance Health from $585.00 to $605.00 and gave the stock a “buy” rating in a report on Friday, April 19th. TD Cowen dropped their target price on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a report on Friday. Jefferies Financial Group upped their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Royal Bank of Canada increased their price target on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Wells Fargo & Company lifted their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $604.79.

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.