Yacktman Asset Management LP Cuts Holdings in Elevance Health, Inc. (NYSE:ELV)

Yacktman Asset Management LP trimmed its position in Elevance Health, Inc. (NYSE:ELV) by 0.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 371,855 shares of the company’s stock after selling 2,765 shares during the period. Elevance Health makes up approximately 1.9% of Yacktman Asset Management LP’s holdings, making the stock its 20th biggest holding. Yacktman Asset Management LP’s holdings in Elevance Health were worth $201,493,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Sanders Capital LLC boosted its stake in Elevance Health by 4.6% in the fourth quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock valued at $2,102,208,000 after acquiring an additional 196,010 shares in the last quarter. Capital International Investors boosted its stake in Elevance Health by 3.7% in the first quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock valued at $1,814,118,000 after acquiring an additional 123,802 shares in the last quarter. Norges Bank acquired a new stake in Elevance Health in the fourth quarter valued at approximately $1,347,434,000. The Manufacturers Life Insurance Company boosted its stake in Elevance Health by 6.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,863,601 shares of the company’s stock valued at $878,800,000 after acquiring an additional 110,462 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Elevance Health by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,860,723 shares of the company’s stock worth $877,412,000 after buying an additional 11,093 shares during the period. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Price Performance

Shares of ELV stock traded down $5.29 on Thursday, reaching $542.02. 223,278 shares of the company were exchanged, compared to its average volume of 1,014,562. The company has a market cap of $125.98 billion, a price-to-earnings ratio of 20.68, a P/E/G ratio of 1.22 and a beta of 0.84. The business has a 50-day moving average price of $533.60 and a 200 day moving average price of $526.15. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. Elevance Health, Inc. has a 1 year low of $431.38 and a 1 year high of $567.26.

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

Elevance Health Dividend Announcement

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

Analyst Ratings Changes

ELV has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Truist Financial boosted their target price on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. TD Cowen decreased their target price on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research report on Friday, July 19th. Royal Bank of Canada boosted their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Finally, StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. One 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $604.29.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares in the company, valued at approximately $63,478,674.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,058 shares of company stock valued at $17,588,116. Corporate insiders own 0.35% of the company’s stock.

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.