Latitude Advisors LLC Has $389,000 Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Latitude Advisors LLC decreased its stake in Elevance Health, Inc. (NYSE:ELV) by 4.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 895 shares of the company’s stock after selling 41 shares during the quarter. Latitude Advisors LLC’s holdings in Elevance Health were worth $389,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank purchased a new position in Elevance Health in the fourth quarter valued at about $1,135,014,000. Wellington Management Group LLP lifted its holdings in shares of Elevance Health by 42.5% during the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company’s stock valued at $2,344,556,000 after buying an additional 1,893,947 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Elevance Health by 81,726.5% in the 1st quarter. GAMMA Investing LLC now owns 1,474,514 shares of the company’s stock valued at $641,355,000 after buying an additional 1,472,712 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in Elevance Health by 47.6% in the fourth quarter. First Eagle Investment Management LLC now owns 3,225,339 shares of the company’s stock worth $1,189,828,000 after buying an additional 1,039,612 shares during the last quarter. Finally, Orion Portfolio Solutions LLC raised its position in Elevance Health by 6,817.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 908,795 shares of the company’s stock valued at $335,254,000 after acquiring an additional 895,658 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Down 11.5%

Shares of ELV stock opened at $350.34 on Thursday. The firm has a fifty day moving average of $390.70 and a 200-day moving average of $398.48. The stock has a market cap of $79.15 billion, a price-to-earnings ratio of 13.67, a P/E/G ratio of 1.01 and a beta of 0.60. Elevance Health, Inc. has a 52-week low of $349.62 and a 52-week high of $567.26. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 1.43.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.60 by $1.37. The firm had revenue of $48.77 billion during the quarter, compared to analyst estimates of $46.26 billion. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. On average, equities research analysts forecast that Elevance Health, Inc. will post 33.96 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Tuesday, June 10th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, June 10th. This represents a $6.84 annualized dividend and a dividend yield of 1.95%. Elevance Health’s dividend payout ratio (DPR) is presently 26.69%.

Insider Buying and Selling

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the completion of the transaction, the chief financial officer directly owned 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on ELV. Barclays decreased their target price on shares of Elevance Health from $522.00 to $480.00 and set an “overweight” rating for the company in a research report on Monday, June 2nd. Baird R W cut Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Robert W. Baird reiterated a “neutral” rating and set a $529.00 price target (down from $625.00) on shares of Elevance Health in a report on Tuesday, April 15th. Truist Financial set a $500.00 price objective on shares of Elevance Health and gave the stock a “buy” rating in a research note on Monday, June 9th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Elevance Health in a research report on Friday, March 28th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Elevance Health currently has a consensus rating of “Moderate Buy” and an average target price of $498.87.

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.