Envestnet Portfolio Solutions Inc. Reduces Stock Position in Elevance Health, Inc. (NYSE:ELV)

Envestnet Portfolio Solutions Inc. cut its stake in Elevance Health, Inc. (NYSE:ELV) by 7.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,330 shares of the company’s stock after selling 2,264 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Elevance Health were worth $10,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in ELV. First Eagle Investment Management LLC lifted its holdings in Elevance Health by 47.6% in the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock valued at $1,189,828,000 after acquiring an additional 1,039,612 shares during the last quarter. Stifel Financial Corp lifted its holdings in Elevance Health by 309.7% in the third quarter. Stifel Financial Corp now owns 713,027 shares of the company’s stock valued at $370,794,000 after acquiring an additional 538,978 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Elevance Health by 16.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,397,258 shares of the company’s stock valued at $1,246,574,000 after acquiring an additional 334,552 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Elevance Health by 6.9% in 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 during the last quarter. Finally, World Investment Advisors LLC acquired a new position in Elevance Health during the third quarter worth $129,221,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Stock Performance

Shares of ELV stock opened at $421.72 on Monday. The stock’s 50-day moving average is $395.45 and its two-hundred day moving average is $428.79. The firm has a market cap of $95.88 billion, a price-to-earnings ratio of 16.47, a PEG ratio of 1.18 and a beta of 0.86. Elevance Health, Inc. has a 1 year low of $362.21 and a 1 year high of $567.26. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.04. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. Analysts predict that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be issued a dividend of $1.71 per share. This is a positive change from Elevance Health’s previous quarterly dividend of $1.63. The ex-dividend date is Monday, March 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.62%. Elevance Health’s dividend payout ratio (DPR) is presently 26.71%.

Insiders Place Their Bets

In related news, CAO Ronald W. Penczek sold 443 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now owns 1,847 shares of the company’s stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the transaction, the executive vice president now directly owns 10,116 shares in the company, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Argus restated a “hold” rating and set a $405.40 price target on shares of Elevance Health in a research note on Wednesday, January 29th. Stephens cut Elevance Health from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. StockNews.com cut Elevance Health from a “buy” rating to a “hold” rating in a research note on Wednesday, March 12th. Barclays upped their price target on Elevance Health from $501.00 to $512.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Finally, Truist Financial reduced their price objective on Elevance Health from $520.00 to $480.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $517.03.

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.