Osaic Holdings Inc. Cuts Stock Position in Elevance Health, Inc. (NYSE:ELV)

Osaic Holdings Inc. reduced its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 34.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,610 shares of the company’s stock after selling 21,109 shares during the period. Osaic Holdings Inc.’s holdings in Elevance Health were worth $20,550,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ELV. Norges Bank bought a new stake in Elevance Health during the 4th quarter valued at $1,347,434,000. Massachusetts Financial Services Co. MA bought a new position in shares of Elevance Health during the fourth quarter valued at about $467,141,000. Canoe Financial LP grew its stake in shares of Elevance Health by 158.1% in the fourth 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 last quarter. Morningstar Investment Services LLC purchased a new position in Elevance Health during the 4th quarter valued at about $239,244,000. Finally, Focused Investors Fund L P bought a new position in Elevance Health during the 1st quarter valued at approximately $249,884,000. 89.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on ELV shares. Robert W. Baird assumed coverage on shares of Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective on the stock. Mizuho lifted their price objective on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. JPMorgan Chase & Co. lifted their price target on shares of Elevance Health from $628.00 to $631.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, UBS Group raised their target price on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $604.29.

Insider Activity

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

Elevance Health Stock Performance

Shares of Elevance Health stock traded up $3.77 during trading on Monday, hitting $503.89. 920,274 shares of the company’s stock traded hands, compared to its average volume of 1,061,696. The business has a 50-day simple moving average of $533.12 and a 200-day simple moving average of $515.24. Elevance Health, Inc. has a 1 year low of $431.38 and a 1 year high of $555.35. The stock has a market capitalization of $116.85 billion, a P/E ratio of 18.90, a PEG ratio of 1.10 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 1.37.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.99 by $0.13. The company had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the company posted $9.04 earnings per share. As a group, analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given 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 1.29%. Elevance Health’s payout ratio is 24.64%.

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.