Foundry Partners LLC Lowers Position in Elevance Health, Inc. (NYSE:ELV)

Foundry Partners LLC lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 11.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,171 shares of the company’s stock after selling 4,985 shares during the period. Elevance Health comprises approximately 1.1% of Foundry Partners LLC’s investment portfolio, making the stock its 17th largest holding. Foundry Partners LLC’s holdings in Elevance Health were worth $18,943,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of ELV. Sanders Capital LLC lifted its position in shares of Elevance Health by 1.4% during the 3rd quarter. Sanders Capital LLC now owns 4,261,976 shares of the company’s stock valued at $1,855,750,000 after buying an additional 58,013 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Elevance Health by 13.1% during the 2nd quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock valued at $1,428,243,000 after buying an additional 372,937 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Elevance Health by 1.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock valued at $1,396,583,000 after buying an additional 56,204 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of Elevance Health by 0.9% during the 4th quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock valued at $1,456,132,000 after buying an additional 27,986 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Elevance Health by 1.7% during the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock valued at $1,212,521,000 after buying an additional 46,322 shares in the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Buying and Selling

In related news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares of the company’s stock, valued at approximately $4,554,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ELV. Jefferies Financial Group increased their price objective on Elevance Health from $602.00 to $604.00 and gave the company a “buy” rating in a research note on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $580.00 price objective on shares of Elevance Health in a research note on Wednesday, April 10th. Royal Bank of Canada increased their price objective on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 25th. Finally, UBS Group increased their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Elevance Health has an average rating of “Moderate Buy” and a consensus price target of $584.50.

Elevance Health Trading Up 1.2 %

Shares of ELV traded up $6.23 during midday trading on Friday, reaching $531.42. The company had a trading volume of 1,791,509 shares, compared to its average volume of 1,015,899. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $539.11. The stock has a market cap of $123.66 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 1.16 and a beta of 0.78. The firm has a 50 day simple moving average of $509.14 and a 200-day simple moving average of $483.89. The company has a quick ratio of 1.44, a current ratio of 1.37 and a debt-to-equity ratio of 0.54.

Elevance Health (NYSE:ELV) last issued its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) 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 the consensus estimate of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the company earned $9.46 EPS. Research analysts forecast that Elevance Health, Inc. will post 37.24 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Monday, June 10th. Elevance Health’s payout ratio is 24.64%.

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.