Sterling Investment Management LLC Sells 56 Shares of Elevance Health, Inc. (NYSE:ELV)

Sterling Investment Management LLC cut its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,108 shares of the company’s stock after selling 56 shares during the period. Elevance Health comprises 1.4% of Sterling Investment Management LLC’s portfolio, making the stock its 22nd biggest position. Sterling Investment Management LLC’s holdings in Elevance Health were worth $1,825,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. J.Safra Asset Management Corp bought a new position in Elevance Health in the first quarter worth approximately $25,000. Fortis Capital Advisors LLC bought a new stake in Elevance Health during the 4th quarter valued at $29,000. TD Capital Management LLC bought a new stake in Elevance Health during the 4th quarter valued at $30,000. Dark Forest Capital Management LP bought a new stake in Elevance Health during the 4th quarter valued at $34,000. Finally, Rebalance LLC bought a new stake in Elevance Health during the 4th quarter valued at $39,000. 87.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 310 shares of the business’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $476.71, for a total value of $147,780.10. Following the completion of the transaction, the director now directly owns 9,638 shares in the company, valued at approximately $4,594,530.98. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.35% of the company’s stock.

Analysts Set New Price Targets

ELV has been the subject of several analyst reports. Wolfe Research lowered shares of Elevance Health from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 12th. Stephens reaffirmed an “overweight” rating and set a $555.00 price target on shares of Elevance Health in a research report on Thursday, July 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $547.00 price target on shares of Elevance Health in a research report on Thursday, September 14th. Truist Financial reduced their price target on Elevance Health from $580.00 to $560.00 in a research report on Tuesday, June 20th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $572.00 price target on shares of Elevance Health in a research note on Thursday, July 20th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $568.46.

Elevance Health Stock Performance

Shares of NYSE:ELV traded down $6.13 during midday trading on Tuesday, reaching $436.59. The company’s stock had a trading volume of 168,545 shares, compared to its average volume of 1,188,196. The firm has a market capitalization of $102.88 billion, a PE ratio of 16.58, a P/E/G ratio of 1.11 and a beta of 0.83. Elevance Health, Inc. has a twelve month low of $412.00 and a twelve month high of $549.52. The stock has a fifty day moving average of $456.14 and a 200 day moving average of $458.80. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.65.

Elevance Health (NYSE:ELV) last issued its earnings results on Wednesday, July 19th. The company reported $9.04 EPS for the quarter, topping analysts’ consensus estimates of $8.78 by $0.26. Elevance Health had a return on equity of 20.24% and a net margin of 3.87%. The firm had revenue of $43.38 billion for the quarter, compared to the consensus estimate of $41.64 billion. During the same quarter in the prior year, the business earned $8.04 earnings per share. The company’s revenue was up 12.7% compared to the same quarter last year. On average, equities analysts expect that Elevance Health, Inc. will post 32.91 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 8th will be paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Thursday, September 7th. Elevance Health’s dividend payout ratio is currently 22.17%.

Elevance Health Company Profile

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.