Summit Global Investments Sells 3,919 Shares of Elevance Health, Inc. (NYSE:ELV)

Summit Global Investments trimmed its position in shares of Elevance Health, Inc. (NYSE:ELV) by 8.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,224 shares of the company’s stock after selling 3,919 shares during the period. Elevance Health accounts for approximately 1.3% of Summit Global Investments’ portfolio, making the stock its 14th largest holding. Summit Global Investments’ holdings in Elevance Health were worth $19,439,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sanders Capital LLC lifted its holdings in shares of Elevance Health by 1.4% during the third quarter. Sanders Capital LLC now owns 4,261,976 shares of the company’s stock valued at $1,855,750,000 after purchasing an additional 58,013 shares during the last quarter. Baillie Gifford & Co. raised its holdings in Elevance Health by 0.9% in the 4th quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock worth $1,456,132,000 after acquiring an additional 27,986 shares during the last quarter. Morgan Stanley raised its holdings in Elevance Health by 1.7% in the 3rd quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock worth $1,212,521,000 after acquiring an additional 46,322 shares during the last quarter. Northern Trust Corp raised its holdings in Elevance Health by 2.4% in the 3rd quarter. Northern Trust Corp now owns 2,416,459 shares of the company’s stock worth $1,052,175,000 after acquiring an additional 57,098 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its holdings in Elevance Health by 7.2% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,379,046 shares of the company’s stock worth $1,035,884,000 after acquiring an additional 160,524 shares during the last quarter. 89.24% of the stock is owned by institutional investors.

Insider Transactions at Elevance Health

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now directly owns 9,109 shares of the company’s stock, valued at $4,554,500. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the sale, the director now directly owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The disclosure for this sale can be found here. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Price Performance

Elevance Health stock remained flat at $524.84 during midday trading on Thursday. 579,785 shares of the company were exchanged, compared to its average volume of 1,046,818. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $542.07. The company has a market capitalization of $121.98 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 1.17 and a beta of 0.78. The stock has a 50-day simple moving average of $513.01 and a two-hundred day simple moving average of $488.20.

Elevance Health (NYSE:ELV) last posted its quarterly earnings data on Thursday, April 18th. The company reported $10.64 earnings per share for the quarter, topping analysts’ consensus estimates of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The company had revenue of $42.27 billion for the quarter, compared to analyst estimates of $42.49 billion. During the same period in the prior year, the company posted $9.46 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts predict that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders 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 1.24%. The ex-dividend date is Monday, June 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Wall Street Analyst Weigh In

ELV has been the subject of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Elevance Health from $557.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Mizuho boosted their price objective on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Truist Financial reissued a “buy” rating and set a $600.00 price objective (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Cantor Fitzgerald reissued an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a research report on Wednesday, April 10th. Finally, Royal Bank of Canada boosted their price objective on shares of Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $587.42.

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.