Carret Asset Management LLC Reduces Stake in Elevance Health, Inc. (NYSE:ELV)

Carret Asset Management LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 10.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 420 shares of the company’s stock after selling 50 shares during the quarter. Carret Asset Management LLC’s holdings in Elevance Health were worth $218,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sanders Capital LLC lifted its stake in shares of Elevance Health by 4.6% in the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock valued at $2,102,208,000 after purchasing an additional 196,010 shares during the period. Capital International Investors boosted its holdings in Elevance Health by 7.9% in the 4th quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock worth $1,591,237,000 after buying an additional 248,150 shares during the last quarter. Baillie Gifford & Co. increased its stake in Elevance Health by 0.9% during the 4th quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock worth $1,456,132,000 after buying an additional 27,986 shares in the last quarter. Norges Bank purchased a new stake in Elevance Health during the 4th quarter worth approximately $1,347,434,000. Finally, Morgan Stanley raised its holdings in shares of Elevance Health by 1.7% during the third quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock valued at $1,212,521,000 after acquiring an additional 46,322 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Morgan Stanley assumed coverage on Elevance Health in a research report on Monday, June 24th. They set an “overweight” rating and a $643.00 price target for the company. Truist Financial reaffirmed a “buy” rating and set a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a report on Friday, April 19th. Mizuho raised their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Bank of America upped their price objective on shares of Elevance Health from $621.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company raised their target price 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. One research 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’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $611.36.

Insider Transactions at Elevance Health

In related news, EVP Felicia F. Norwood sold 14,111 shares of the firm’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 transaction, the executive vice president now owns 31,460 shares in the company, valued at approximately $16,791,460.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Trading Down 1.1 %

Shares of Elevance Health stock opened at $530.22 on Thursday. Elevance Health, Inc. has a fifty-two week low of $412.00 and a fifty-two week high of $550.34. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market capitalization of $123.23 billion, a price-to-earnings ratio of 20.04, a PEG ratio of 1.20 and a beta of 0.84. The stock has a 50 day moving average of $534.47 and a 200 day moving average of $509.86.

Elevance Health (NYSE:ELV) last announced its 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 for the quarter, compared to analyst estimates of $42.49 billion. During the same quarter in the previous year, the company earned $9.46 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. As a group, research analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Dividend Announcement

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

Elevance Health Company 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.