PGGM Investments Sells 2,557 Shares of Elevance Health, Inc. (NYSE:ELV)

PGGM Investments lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 30.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,978 shares of the company’s stock after selling 2,557 shares during the period. PGGM Investments’ holdings in Elevance Health were worth $3,100,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELV. Pin Oak Investment Advisors Inc. bought a new position in Elevance Health during the fourth quarter worth about $28,000. Palisade Asset Management LLC acquired a new stake in shares of Elevance Health during the first quarter worth about $28,000. Alaska Permanent Fund Corp acquired a new stake in shares of Elevance Health during the fourth quarter worth about $31,000. Beaird Harris Wealth Management LLC acquired a new stake in shares of Elevance Health during the fourth quarter worth about $32,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Elevance Health during the first quarter worth about $32,000. Institutional investors own 89.24% of the company’s stock.

Elevance Health Stock Performance

ELV traded up $2.94 during trading on Friday, hitting $535.17. The stock had a trading volume of 874,644 shares, compared to its average volume of 1,331,405. The company has a 50 day moving average price of $529.51 and a 200-day moving average price of $517.70. The firm has a market cap of $124.10 billion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 1.18 and a beta of 0.84. Elevance Health, Inc. has a one year low of $431.38 and a one year high of $555.35. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.49.

Elevance Health (NYSE:ELV) last released its quarterly earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.99 by $0.13. The business had revenue of $43.22 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the company posted $9.04 EPS. As a group, research analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current 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 paid a $1.63 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.22%. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

Insider Activity at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the sale, the director now directly owns 9,721 shares in the company, valued at approximately $4,926,213.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gail Boudreaux sold 34,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ELV has been the topic of a number of research analyst reports. Royal Bank of Canada raised their price target on Elevance Health from $575.00 to $585.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. TD Cowen dropped their price target on Elevance Health from $624.00 to $589.00 and set a “buy” rating on the stock in a research report on Friday, July 19th. Truist Financial lifted their target price on Elevance Health from $600.00 to $620.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Barclays dropped their target price on Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research report on Thursday, July 18th. Finally, StockNews.com lowered Elevance Health from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 6th. One 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, Elevance Health has a consensus rating of “Buy” and a consensus price target of $604.29.

About Elevance Health

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.