Weil Company Inc. Reduces Position in Elevance Health, Inc. (NYSE:ELV)

Weil Company Inc. decreased its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 28.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 442 shares of the company’s stock after selling 172 shares during the period. Weil Company Inc.’s holdings in Elevance Health were worth $240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of ELV. Sanders Capital LLC increased its position in Elevance Health by 4.6% in the fourth quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after buying an additional 196,010 shares in the last quarter. Capital International Investors increased its holdings in Elevance Health by 3.7% in the 1st quarter. Capital International Investors now owns 3,498,511 shares of the company’s stock worth $1,814,118,000 after acquiring an additional 123,802 shares in the last quarter. Norges Bank bought a new stake in Elevance Health during the 4th quarter worth approximately $1,347,434,000. The Manufacturers Life Insurance Company lifted its holdings in Elevance Health by 6.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,863,601 shares of the company’s stock valued at $878,800,000 after purchasing an additional 110,462 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Elevance Health by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,860,723 shares of the company’s stock worth $877,412,000 after purchasing an additional 11,093 shares during the period. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Elevance Health

In related news, CEO Gail Boudreaux sold 34,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. 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 the firm’s stock in a transaction dated Monday, July 22nd. The shares were 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 owns 126,709 shares of the company’s stock, valued at approximately $63,478,674.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of Elevance Health stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the sale, the director now owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,058 shares of company stock worth $17,588,116. 0.35% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. StockNews.com cut shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 6th. Barclays dropped their price objective on Elevance Health from $621.00 to $611.00 and set an “overweight” rating for the company in a research note on Thursday, July 18th. Stephens reissued an “overweight” rating and set a $615.00 target price on shares of Elevance Health in a research note on Thursday. TD Cowen dropped their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Finally, Truist Financial lifted their price objective on shares of Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. One investment 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $604.29.

Elevance Health Stock Performance

Elevance Health stock opened at $542.60 on Friday. The company’s 50-day moving average price is $533.79 and its 200-day moving average price is $526.48. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58. The company has a market cap of $126.11 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 1.22 and a beta of 0.84. Elevance Health, Inc. has a twelve month low of $431.38 and a twelve month high of $567.26.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.99 by $0.13. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company had revenue of $43.22 billion for the quarter, compared to analysts’ expectations of $42.99 billion. During the same period in the previous year, the firm posted $9.04 earnings per share. The firm’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities research analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. 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 1.20%. Elevance Health’s dividend payout ratio is 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.