GCM Grosvenor Holdings LLC Sells 13,587 Shares of Elevance Health, Inc. (NYSE:ELV)

GCM Grosvenor Holdings LLC decreased its stake in Elevance Health, Inc. (NYSE:ELV) by 30.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 31,702 shares of the company’s stock after selling 13,587 shares during the period. Elevance Health accounts for approximately 2.5% of GCM Grosvenor Holdings LLC’s holdings, making the stock its 10th largest position. GCM Grosvenor Holdings LLC’s holdings in Elevance Health were worth $17,178,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Sanders Capital LLC boosted its stake in 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 buying an additional 196,010 shares in the last quarter. Capital International Investors boosted its stake in Elevance Health by 3.7% in the 1st quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock valued at $1,814,118,000 after buying an additional 123,802 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Elevance Health by 34.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after buying an additional 523,910 shares in the last quarter. First Eagle Investment Management LLC raised its position in Elevance Health by 15.5% in the 2nd quarter. First Eagle Investment Management LLC now owns 2,058,283 shares of the company’s stock valued at $1,115,301,000 after purchasing an additional 275,708 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Elevance Health by 1.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,867,551 shares of the company’s stock valued at $1,011,888,000 after purchasing an additional 23,872 shares during the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on ELV shares. Robert W. Baird started coverage on Elevance Health in a research report on Thursday, May 30th. They issued an “outperform” rating and a $649.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Elevance Health from $628.00 to $631.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Truist Financial boosted their target price on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Royal Bank of Canada lifted their price objective on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Finally, Morgan Stanley started coverage on Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 price objective for the company. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Elevance Health has a consensus rating of “Buy” and an average price target of $604.29.

Elevance Health Price Performance

Shares of NYSE ELV opened at $533.73 on Tuesday. The firm has a market cap of $124.05 billion, a P/E ratio of 20.17, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.58. Elevance Health, Inc. has a 1-year low of $431.38 and a 1-year high of $567.26. The business’s 50 day moving average is $536.25 and its 200-day moving average is $529.70.

Elevance Health (NYSE:ELV) last announced its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The company had revenue of $43.22 billion for the quarter, compared to analyst estimates of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $9.04 earnings per share. Equities research analysts predict that Elevance Health, Inc. will post 37.25 earnings per share for the current year.

Elevance Health Announces Dividend

The business 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 dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Buying and Selling

In related news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the transaction, the director now owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock valued at $17,588,116 over the last 90 days. 0.35% of the stock is owned by corporate insiders.

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.