AMF Tjanstepension AB Decreases Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

AMF Tjanstepension AB reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 35.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 75,577 shares of the company’s stock after selling 41,664 shares during the quarter. AMF Tjanstepension AB’s holdings in Elevance Health were worth $39,204,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in Elevance Health during the 4th quarter valued at approximately $1,347,434,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Elevance Health during the fourth quarter valued at approximately $467,141,000. Canoe Financial LP raised its holdings in shares of Elevance Health by 158.1% during the fourth quarter. Canoe Financial LP now owns 844,122 shares of the company’s stock valued at $398,054,000 after acquiring an additional 517,116 shares in the last quarter. Morningstar Investment Services LLC purchased a new stake in Elevance Health in the fourth quarter worth $239,244,000. Finally, International Assets Investment Management LLC boosted its holdings in Elevance Health by 45,888.1% in the fourth quarter. International Assets Investment Management LLC now owns 255,694 shares of the company’s stock valued at $1,205,750,000 after acquiring an additional 255,138 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analysts Set New Price Targets

ELV has been the subject of several research analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $600.00 target price (up from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Mizuho raised their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Jefferies Financial Group upped their target price on Elevance Health from $602.00 to $604.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Morgan Stanley began coverage on Elevance Health in a research note on Monday. They issued an “overweight” rating and a $643.00 target price for the company. Finally, Wells Fargo & Company upped their price target on Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. One research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $611.36.

Elevance Health Stock Up 1.1 %

Shares of ELV stock traded up $6.15 during mid-day trading on Friday, hitting $541.92. The company’s stock had a trading volume of 1,711,417 shares, compared to its average volume of 1,029,223. The stock has a market cap of $125.95 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 1.18 and a beta of 0.83. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $550.34. The business has a 50-day moving average price of $534.36 and a 200 day moving average price of $508.67.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. The business had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. Elevance Health’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.46 EPS. Research analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Investors of record on Monday, June 10th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.20%. The ex-dividend date was Monday, June 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Insiders Place Their Bets

In other news, EVP Felicia F. Norwood sold 14,111 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the transaction, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is currently 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.