Wedge Capital Management L L P NC Trims Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Wedge Capital Management L L P NC trimmed its position in Elevance Health, Inc. (NYSE:ELV) by 16.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,581 shares of the company’s stock after selling 13,151 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Elevance Health were worth $34,994,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Elevance Health in the fourth quarter valued at $1,347,434,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Elevance Health during the 4th quarter valued at about $467,141,000. Canoe Financial LP increased its stake in shares of Elevance Health by 158.1% in the 4th quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after purchasing an additional 517,116 shares in the last quarter. Morningstar Investment Services LLC acquired a new position in Elevance Health in the 4th quarter worth about $239,244,000. Finally, Focused Investors Fund L P acquired a new position in Elevance Health in the 1st quarter worth about $249,884,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ELV shares. Morgan Stanley initiated coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 target price for the company. Royal Bank of Canada increased their target price on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Jefferies Financial Group lifted their price target on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Baird R W raised Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Finally, Barclays decreased their price objective on Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $604.29.

Elevance Health Trading Up 0.5 %

Shares of NYSE ELV traded up $2.60 during trading on Thursday, reaching $541.82. The stock had a trading volume of 857,579 shares, compared to its average volume of 1,045,056. The company has a market cap of $125.93 billion, a P/E ratio of 20.48, a PEG ratio of 1.18 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The business’s 50-day moving average price is $529.69 and its 200-day moving average price is $521.17. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $555.35.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 20.64% and a net margin of 3.89%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $9.04 EPS. On average, equities research analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

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

Insider Activity

In other news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health 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 sale, the chief executive officer now owns 126,709 shares in the company, valued at $63,478,674.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares in the company, valued at $4,647,610.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,058 shares of company stock worth $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.