Elevance Health, Inc. (NYSE:ELV) Shares Sold by SouthState Corp

SouthState Corp reduced its holdings in Elevance Health, Inc. (NYSE:ELV) by 1.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,371 shares of the company’s stock after selling 756 shares during the period. Elevance Health makes up 1.6% of SouthState Corp’s holdings, making the stock its 13th biggest position. SouthState Corp’s holdings in Elevance Health were worth $22,417,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Richwood Investment Advisors LLC grew its holdings in shares of Elevance Health by 0.8% in the fourth quarter. Richwood Investment Advisors LLC now owns 2,546 shares of the company’s stock valued at $1,201,000 after purchasing an additional 20 shares during the period. Bell Investment Advisors Inc grew its position in Elevance Health by 2.1% in the fourth quarter. Bell Investment Advisors Inc now owns 989 shares of the company’s stock worth $466,000 after acquiring an additional 20 shares during the period. Capital Advisors Ltd. LLC increased its stake in Elevance Health by 8.8% during the first quarter. Capital Advisors Ltd. LLC now owns 248 shares of the company’s stock worth $129,000 after acquiring an additional 20 shares during the last quarter. Bedel Financial Consulting Inc. lifted its stake in shares of Elevance Health by 1.6% in the 1st quarter. Bedel Financial Consulting Inc. now owns 1,247 shares of the company’s stock valued at $647,000 after purchasing an additional 20 shares during the last quarter. Finally, American Trust grew its holdings in shares of Elevance Health by 2.6% during the 1st quarter. American Trust now owns 775 shares of the company’s stock worth $402,000 after purchasing an additional 20 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Elevance Health

In related news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at $63,478,674.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the sale, the director now owns 8,744 shares in the company, valued at approximately $4,647,610.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the transaction, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,058 shares of company stock valued at $17,588,116. Company insiders own 0.35% of the company’s stock.

Elevance Health Stock Performance

Shares of NYSE ELV traded down $3.73 during mid-day trading on Thursday, hitting $543.58. 148,498 shares of the company were exchanged, compared to its average volume of 1,014,125. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a market cap of $126.34 billion, a price-to-earnings ratio of 20.68, a price-to-earnings-growth ratio of 1.22 and a beta of 0.84. The stock has a 50 day simple moving average of $533.60 and a 200-day simple moving average of $526.15. Elevance Health, Inc. has a 1-year low of $431.38 and a 1-year high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping 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 business had revenue of $43.22 billion during the quarter, compared to analysts’ expectations of $42.99 billion. During the same period last year, the company posted $9.04 EPS. The company’s revenue was down .4% on a year-over-year basis. On average, sell-side analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s payout ratio is 24.64%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ELV. Bank of America restated a “neutral” rating and issued a $530.00 price objective (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Morgan Stanley began coverage on Elevance Health in a report on Monday, June 24th. They set an “overweight” rating and a $643.00 target price for the company. Wells Fargo & Company cut their price target on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Royal Bank of Canada raised their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research note on Monday, August 19th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $604.29.

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.