Allspring Global Investments Holdings LLC Cuts Position in Elevance Health, Inc. (NYSE:ELV)

Allspring Global Investments Holdings LLC reduced its position in shares of Elevance Health, Inc. (NYSE:ELV) by 37.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 53,669 shares of the company’s stock after selling 32,039 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Elevance Health were worth $29,081,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank & Trust Co bought a new stake in shares of Elevance Health in the 2nd quarter worth about $27,000. Pin Oak Investment Advisors Inc. bought a new stake in Elevance Health during the fourth quarter worth approximately $28,000. Palisade Asset Management LLC bought a new stake in shares of Elevance Health in the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC purchased a new position in shares of Elevance Health in the 2nd quarter worth approximately $28,000. Finally, Beaird Harris Wealth Management LLC bought a new position in shares of Elevance Health during the 4th quarter valued at approximately $32,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company dropped their price objective on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $600.00 price objective on shares of Elevance Health in a research note on Monday, August 19th. Baird R W raised Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Royal Bank of Canada boosted their price objective on Elevance Health from $575.00 to $585.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Finally, Truist Financial increased their target price on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elevance Health has an average rating of “Buy” and a consensus price target of $604.29.

Insider Transactions at Elevance Health

In other news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were 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 directly owns 126,709 shares in the company, valued at $63,478,674.82. The disclosure for this sale can be found here. Insiders have sold a total of 35,058 shares of company stock valued at $17,588,116 in the last ninety days. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Stock Up 0.7 %

Shares of ELV stock opened at $548.43 on Wednesday. Elevance Health, Inc. has a fifty-two week low of $431.38 and a fifty-two week high of $555.35. The firm has a market capitalization of $127.47 billion, a PE ratio of 20.73, a P/E/G ratio of 1.18 and a beta of 0.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49. The stock’s 50-day simple moving average is $530.81 and its 200-day simple moving average is $524.00.

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

Elevance Health Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.19%. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Elevance Health 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.