Envestnet Portfolio Solutions Inc. Trims Stock Holdings in Elevance Health, Inc. $ELV

Envestnet Portfolio Solutions Inc. decreased its stake in Elevance Health, Inc. (NYSE:ELV) by 0.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,185 shares of the company’s stock after selling 52 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Elevance Health were worth $10,574,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Astoria Portfolio Advisors LLC. increased its position in Elevance Health by 5.2% in the second quarter. Astoria Portfolio Advisors LLC. now owns 969 shares of the company’s stock worth $377,000 after buying an additional 48 shares in the last quarter. Concord Asset Management LLC VA bought a new position in shares of Elevance Health in the second quarter worth about $235,000. Sequoia Financial Advisors LLC boosted its stake in shares of Elevance Health by 2.4% in the second quarter. Sequoia Financial Advisors LLC now owns 6,880 shares of the company’s stock worth $2,676,000 after acquiring an additional 163 shares during the period. Vest Financial LLC boosted its stake in shares of Elevance Health by 17.4% in the second quarter. Vest Financial LLC now owns 99,799 shares of the company’s stock worth $38,818,000 after acquiring an additional 14,809 shares during the period. Finally, Pzena Investment Management LLC boosted its stake in shares of Elevance Health by 8.1% in the second quarter. Pzena Investment Management LLC now owns 217,276 shares of the company’s stock worth $84,512,000 after acquiring an additional 16,296 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

NYSE:ELV opened at $351.43 on Tuesday. The firm has a market capitalization of $79.14 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 1.29 and a beta of 0.59. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $510.24. The business has a 50 day simple moving average of $316.63 and a 200-day simple moving average of $357.61. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, July 17th. The company reported $8.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.30 by ($0.46). The company had revenue of $49.42 billion during the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. Elevance Health’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the business earned $10.12 earnings per share. Equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 29.11%.

Insider Activity at Elevance Health

In related news, Director Susan D. Devore acquired 1,200 shares of the stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the purchase, the director directly owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gail Boudreaux acquired 8,500 shares of the stock in a transaction dated Friday, July 18th. The stock was bought at an average cost of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at approximately $43,333,678.80. The trade was a 5.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ELV. Morgan Stanley dropped their price objective on Elevance Health from $428.00 to $316.00 and set an “overweight” rating for the company in a research note on Friday, July 18th. Guggenheim upped their price objective on Elevance Health from $360.00 to $398.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. dropped their price objective on Elevance Health from $472.00 to $384.00 and set an “overweight” rating for the company in a research note on Tuesday, July 22nd. Argus reaffirmed a “hold” rating on shares of Elevance Health in a research note on Monday, July 21st. Finally, Mizuho upped their price objective on Elevance Health from $342.00 to $420.00 and gave the stock an “outperform” rating in a research note on Thursday. Twelve analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $412.00.

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.