Handelsinvest Investeringsforvaltning Trims Stock Position in Elevance Health, Inc. (NYSE:ELV)

Handelsinvest Investeringsforvaltning cut its holdings in Elevance Health, Inc. (NYSE:ELV) by 15.3% during the first quarter, Holdings Channel reports. The institutional investor owned 2,567 shares of the company’s stock after selling 464 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Elevance Health were worth $1,331,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ELV. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Elevance Health in the 4th quarter worth about $28,000. Alaska Permanent Fund Corp purchased a new stake in shares of Elevance Health in the 4th quarter worth about $31,000. Beaird Harris Wealth Management LLC purchased a new stake in shares of Elevance Health in the 4th quarter worth about $32,000. Register Financial Advisors LLC purchased a new stake in shares of Elevance Health in the 1st quarter worth about $32,000. Finally, Hexagon Capital Partners LLC grew its position in shares of Elevance Health by 63.0% in the 4th quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock worth $35,000 after buying an additional 29 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Trading Down 0.8 %

Elevance Health stock opened at $531.44 on Wednesday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. Elevance Health, Inc. has a 52 week low of $412.00 and a 52 week high of $550.34. The company has a market capitalization of $123.52 billion, a price-to-earnings ratio of 20.25, a price-to-earnings-growth ratio of 1.20 and a beta of 0.84. The stock has a 50-day moving average price of $534.41 and a 200 day moving average price of $509.38.

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

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 25th. Stockholders of record on Monday, June 10th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Monday, June 10th. Elevance Health’s payout ratio is 24.64%.

Insider Transactions at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of the company’s stock in a transaction that occurred 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 completion of 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 sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ELV shares. Wells Fargo & Company upped their price target on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. Robert W. Baird began coverage on shares of Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price on the stock. Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Finally, Royal Bank of Canada upped their target price on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, April 19th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Elevance Health presently has an average rating of “Buy” and an average price target of $611.36.

About Elevance Health

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.