Harvest Fund Management Co. Ltd Lowers Position in Elevance Health, Inc. (NYSE:ELV)

Harvest Fund Management Co. Ltd cut its stake in Elevance Health, Inc. (NYSE:ELV) by 50.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 209 shares of the company’s stock after selling 217 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Elevance Health were worth $99,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Alliance Wealth Advisors LLC increased its position in shares of Elevance Health by 2.9% during the fourth quarter. Alliance Wealth Advisors LLC now owns 745 shares of the company’s stock valued at $351,000 after acquiring an additional 21 shares during the last quarter. Clearstead Advisors LLC grew its holdings in Elevance Health by 0.9% during the third quarter. Clearstead Advisors LLC now owns 2,516 shares of the company’s stock valued at $1,096,000 after purchasing an additional 22 shares during the period. Financial Counselors Inc. boosted its holdings in shares of Elevance Health by 1.0% in the third quarter. Financial Counselors Inc. now owns 2,284 shares of the company’s stock worth $994,000 after acquiring an additional 22 shares during the period. Sugarloaf Wealth Management LLC boosted its holdings in shares of Elevance Health by 8.6% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 277 shares of the company’s stock worth $131,000 after acquiring an additional 22 shares during the period. Finally, Capital Investment Advisors LLC boosted its holdings in shares of Elevance Health by 2.5% in the fourth quarter. Capital Investment Advisors LLC now owns 887 shares of the company’s stock worth $418,000 after acquiring an additional 22 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ELV has been the subject of several research analyst reports. UBS Group lifted their price objective on Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Wells Fargo & Company lifted their price objective on Elevance Health from $557.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Mizuho lifted their price objective on Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada lifted their price objective on Elevance Health from $574.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, April 19th. Finally, Truist Financial restated a “buy” rating and set a $600.00 price target (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $587.42.

Elevance Health Stock Up 1.1 %

NYSE ELV opened at $539.70 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market capitalization of $125.44 billion, a PE ratio of 20.40, a PEG ratio of 1.18 and a beta of 0.78. Elevance Health, Inc. has a 1 year low of $412.00 and a 1 year high of $542.07. The business’s 50-day moving average is $511.40 and its 200 day moving average is $485.81.

Elevance Health (NYSE:ELV) last posted its earnings results on Thursday, April 18th. The company reported $10.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.54 by $0.10. The company had revenue of $42.27 billion for the quarter, compared to analysts’ expectations of $42.49 billion. Elevance Health had a return on equity of 20.62% and a net margin of 3.64%. Elevance Health’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the firm earned $9.46 earnings per share. Sell-side analysts forecast that Elevance Health, Inc. will post 37.24 earnings per share for the current year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 25th. Shareholders of record on Monday, June 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 annualized dividend and a yield of 1.21%. Elevance Health’s payout ratio is 24.64%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, EVP Felicia F. Norwood sold 14,111 shares of Elevance Health 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 sale, the executive vice president now directly owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the completion of the transaction, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Felicia F. Norwood sold 14,111 shares of the business’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 completion of the transaction, the executive vice president now owns 31,460 shares of the company’s stock, valued at $16,791,460.40. The disclosure for this sale can be found here. 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.