Weiss Asset Management LP Reduces Stock Holdings in Elevance Health, Inc. $ELV

Weiss Asset Management LP reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 53.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,671 shares of the company’s stock after selling 61,253 shares during the quarter. Weiss Asset Management LP’s holdings in Elevance Health were worth $15,419,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. OMERS ADMINISTRATION Corp increased its holdings in Elevance Health by 255.3% during the first quarter. OMERS ADMINISTRATION Corp now owns 30,100 shares of the company’s stock valued at $8,812,000 after buying an additional 21,628 shares during the last quarter. Van Diest Capital LLC boosted its stake in shares of Elevance Health by 225.3% during the 1st quarter. Van Diest Capital LLC now owns 4,388 shares of the company’s stock worth $1,285,000 after acquiring an additional 3,039 shares during the last quarter. Lombard Odier Asset Management Switzerland SA purchased a new position in shares of Elevance Health during the 1st quarter worth $1,235,000. Punch & Associates Investment Management Inc. grew its position in shares of Elevance Health by 18.5% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 23,229 shares of the company’s stock valued at $6,800,000 after acquiring an additional 3,630 shares during the period. Finally, Van Den Berg Management I Inc. increased its stake in shares of Elevance Health by 4.1% in the 1st quarter. Van Den Berg Management I Inc. now owns 28,114 shares of the company’s stock worth $8,230,000 after purchasing an additional 1,115 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on ELV shares. Truist Financial raised their target price on Elevance Health from $450.00 to $475.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Barclays cut their price target on Elevance Health from $480.00 to $457.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. Royal Bank Of Canada decreased their price objective on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 16th. Citigroup raised Elevance Health to a “buy” rating in a research report on Wednesday, April 29th. Finally, Leerink Partners boosted their price objective on Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Fifteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Stock Down 0.5%

ELV opened at $377.39 on Friday. The stock has a market cap of $81.84 billion, a price-to-earnings ratio of 16.77, a price-to-earnings-growth ratio of 2.17 and a beta of 0.67. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The firm’s fifty day moving average is $398.69 and its 200 day moving average is $356.52. Elevance Health, Inc. has a fifty-two week low of $273.71 and a fifty-two week high of $436.24.

Elevance Health (NYSE:ELV) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $7.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.21 by $1.24. The business had revenue of $49.83 billion during the quarter, compared to analyst estimates of $48.88 billion. Elevance Health had a return on equity of 14.64% and a net margin of 2.47%.Elevance Health’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $8.84 EPS. On average, sell-side analysts forecast that Elevance Health, Inc. will post 27.04 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be given a dividend of $1.72 per share. The ex-dividend date is Thursday, September 10th. This represents a $6.88 annualized dividend and a dividend yield of 1.8%. Elevance Health’s dividend payout ratio (DPR) is currently 30.58%.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the transaction, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.34% of the company’s stock.

Elevance Health Company Profile

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.