Weil Company Inc. Cuts Stake in Elevance Health, Inc. (NYSE:ELV)

Weil Company Inc. cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 28.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 442 shares of the company’s stock after selling 172 shares during the quarter. Weil Company Inc.’s holdings in Elevance Health were worth $240,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ELV. Canoe Financial LP lifted its position 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 worth $398,054,000 after purchasing an additional 517,116 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Elevance Health by 114.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock worth $14,765,000 after buying an additional 16,737 shares during the period. Brave Warrior Advisors LLC boosted its position in Elevance Health by 7.9% during the 4th quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock valued at $828,367,000 after acquiring an additional 129,055 shares in the last quarter. New Mexico Educational Retirement Board increased its holdings in shares of Elevance Health by 14.6% in the 1st quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock valued at $6,949,000 after acquiring an additional 1,800 shares during the period. Finally, Bank of Nova Scotia raised its position in shares of Elevance Health by 276.0% in the 4th quarter. Bank of Nova Scotia now owns 82,331 shares of the company’s stock worth $38,823,000 after acquiring an additional 60,436 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Price Performance

Shares of ELV opened at $542.60 on Friday. The firm has a market capitalization of $126.11 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 1.22 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49. The company’s fifty day moving average price is $533.79 and its 200-day moving average price is $526.48. Elevance Health, Inc. has a 1-year low of $431.38 and a 1-year high of $567.26.

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

Elevance Health Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Bank of America reaffirmed a “neutral” rating and set a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Stephens restated an “overweight” rating and issued a $615.00 price target on shares of Elevance Health in a report on Thursday. Morgan Stanley assumed coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $600.00 target price on shares of Elevance Health in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $604.29.

Insiders Place Their Bets

In other news, Director Ramiro G. Peru sold 753 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Elevance Health 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 completion of the transaction, the chief executive officer now 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 this link. Also, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,058 shares of company stock valued at $17,588,116. 0.35% of the stock is owned by insiders.

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.