Sound Shore Management Inc. CT Sells 32,574 Shares of Elevance Health, Inc. (NYSE:ELV)

Sound Shore Management Inc. CT reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 21.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 122,069 shares of the company’s stock after selling 32,574 shares during the period. Sound Shore Management Inc. CT’s holdings in Elevance Health were worth $66,144,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bank & Trust Co acquired a new position in Elevance Health during the 2nd quarter valued at about $27,000. Pin Oak Investment Advisors Inc. purchased a new stake in Elevance Health during the fourth quarter worth $28,000. Palisade Asset Management LLC purchased a new position in Elevance Health during the first quarter worth approximately $28,000. Opal Wealth Advisors LLC acquired a new stake in Elevance Health in the 2nd quarter worth about $28,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Elevance Health during the second quarter worth approximately $30,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on ELV. JPMorgan Chase & Co. lifted their price target on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Bank of America restated a “neutral” rating and issued a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a research note on Thursday, May 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $600.00 price target on shares of Elevance Health in a report on Friday. Finally, Royal Bank of Canada lifted their price target on shares of Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $604.29.

Elevance Health Stock Up 0.3 %

ELV stock opened at $539.79 on Friday. The company has a fifty day simple moving average of $536.19 and a 200 day simple moving average of $529.08. Elevance Health, Inc. has a 1 year low of $431.38 and a 1 year high of $567.26. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. The firm has a market cap of $125.46 billion, a PE ratio of 20.40, a PEG ratio of 1.19 and a beta of 0.82.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.99 by $0.13. The business 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 previous year, the business earned $9.04 EPS. Sell-side analysts anticipate that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors 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 1.21%. Elevance Health’s dividend payout ratio is 24.64%.

Insiders Place Their Bets

In related news, Director Ramiro G. Peru sold 753 shares of Elevance Health stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total value of $17,033,320.00. Following the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ramiro G. Peru sold 753 shares of the company’s 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 sale, the director now directly owns 8,744 shares in the company, valued at approximately $4,647,610.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,058 shares of company stock worth $17,588,116. Corporate insiders own 0.35% of the company’s stock.

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.