Nordea Investment Management AB reduced its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,183,306 shares of the company's stock after selling 48,932 shares during the period. Nordea Investment Management AB owned approximately 0.51% of Elevance Health worth $438,983,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in ELV. State Street Corp grew its position in Elevance Health by 1.2% in the third quarter. State Street Corp now owns 10,687,998 shares of the company's stock valued at $5,557,759,000 after acquiring an additional 129,709 shares in the last quarter. Geode Capital Management LLC increased its stake in Elevance Health by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 4,848,020 shares of the company's stock worth $2,511,814,000 after buying an additional 85,770 shares during the period. Sanders Capital LLC boosted its position in Elevance Health by 1.0% in the 3rd quarter. Sanders Capital LLC now owns 4,609,258 shares of the company's stock valued at $2,396,814,000 after buying an additional 44,805 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Elevance Health by 6.9% during the third quarter. Wellington Management Group LLP now owns 4,461,585 shares of the company's stock valued at $2,320,024,000 after acquiring an additional 286,905 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Elevance Health by 5.3% in the second quarter. Ameriprise Financial Inc. now owns 3,791,793 shares of the company's stock worth $2,054,641,000 after acquiring an additional 190,118 shares in the last quarter. 89.24% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Charles Morgan Kendrick, Jr. sold 7,417 shares of Elevance Health stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $432.14, for a total value of $3,205,182.38. Following the completion of the sale, the executive vice president now directly owns 8,423 shares in the company, valued at $3,639,915.22. This trade represents a 46.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.35% of the stock is owned by insiders.
Several research firms have issued reports on ELV. StockNews.com downgraded Elevance Health from a "buy" rating to a "hold" rating in a report on Wednesday, December 18th. Stephens reiterated an "underperform" rating on shares of Elevance Health in a research note on Friday, October 18th. Argus cut shares of Elevance Health from a "buy" rating to a "hold" rating in a research report on Friday, October 18th. Royal Bank of Canada lowered their price objective on Elevance Health from $585.00 to $478.00 and set an "outperform" rating for the company in a report on Friday, October 18th. Finally, TD Cowen reduced their target price on Elevance Health from $589.00 to $484.00 and set a "buy" rating on the stock in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $539.20.
Check Out Our Latest Research Report on ELV
Elevance Health stock opened at $371.56 on Monday. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.50 and a quick ratio of 1.50. The business has a 50 day simple moving average of $394.43 and a 200 day simple moving average of $476.77. The company has a market capitalization of $86.17 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.15 and a beta of 0.84.
Elevance Health (NYSE:ELV - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The company reported $8.37 earnings per share for the quarter, missing the consensus estimate of $9.66 by ($1.29). The firm had revenue of $44.72 billion for the quarter, compared to analyst estimates of $43.47 billion. Elevance Health had a return on equity of 19.56% and a net margin of 3.68%. The business's quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business posted $8.99 EPS. On average, sell-side analysts forecast that Elevance Health, Inc. will post 32.96 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Thursday, December 5th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, December 5th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.75%. Elevance Health's payout ratio is 23.77%.
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.
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