Summit Global Investments Sells 5,190 Shares of Elevance Health, Inc. $ELV

Summit Global Investments lessened its position in Elevance Health, Inc. (NYSE:ELV) by 54.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,421 shares of the company’s stock after selling 5,190 shares during the quarter. Summit Global Investments’ holdings in Elevance Health were worth $1,294,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Elevance Health during the fourth quarter worth $1,058,165,000. Wellington Management Group LLP lifted its stake in shares of Elevance Health by 25.2% in the 4th quarter. Wellington Management Group LLP now owns 8,289,976 shares of the company’s stock valued at $2,906,051,000 after purchasing an additional 1,668,679 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Elevance Health by 27.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,446,185 shares of the company’s stock worth $2,610,261,000 after buying an additional 1,607,274 shares in the last quarter. Invesco Ltd. grew its position in Elevance Health by 50.3% during the fourth quarter. Invesco Ltd. now owns 3,903,878 shares of the company’s stock valued at $1,368,505,000 after buying an additional 1,306,390 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Elevance Health by 79.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,408,704 shares of the company’s stock valued at $844,371,000 after buying an additional 1,065,065 shares during the period. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

ELV stock opened at $393.46 on Wednesday. The business’s fifty day moving average price is $399.56 and its 200 day moving average price is $355.93. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. Elevance Health, Inc. has a 12-month low of $273.71 and a 12-month high of $436.24. The company has a market capitalization of $85.33 billion, a PE ratio of 17.49, a P/E/G ratio of 2.20 and a beta of 0.67.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share for the quarter, topping the consensus estimate of $6.21 by $1.24. The firm had revenue of $49.83 billion for the quarter, compared to the consensus estimate of $48.88 billion. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $8.84 EPS. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 27.08 EPS for the current year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 10th will be given a $1.72 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.7%. Elevance Health’s dividend payout ratio is currently 30.58%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Elevance Health from a “hold” rating to a “buy” rating and upped their price objective for the stock from $363.00 to $498.00 in a research report on Wednesday, May 20th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $395.00 price target on shares of Elevance Health in a research note on Thursday, July 16th. Bank of America lifted their target price on shares of Elevance Health from $435.00 to $460.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Weiss Ratings upgraded Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 18th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Elevance Health from $411.00 to $476.00 and gave the company an “overweight” rating in a report on Monday, June 8th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $440.90.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of Elevance Health stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $401.77, for a total transaction of $60,667.27. Following the sale, the director directly owned 10,734 shares in the company, valued at $4,312,599.18. This trade represents a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.