Trillium Asset Management LLC Sells 40,511 Shares of Elevance Health, Inc. (NYSE:ELV)

Trillium Asset Management LLC cut its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 55.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 33,023 shares of the company’s stock after selling 40,511 shares during the quarter. Trillium Asset Management LLC’s holdings in Elevance Health were worth $14,364,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ELV. CWA Asset Management Group LLC acquired a new position in Elevance Health during the first quarter worth $299,000. GAMMA Investing LLC grew its position in shares of Elevance Health by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock valued at $1,475,000 after acquiring an additional 1,588 shares during the period. Ritholtz Wealth Management increased its stake in shares of Elevance Health by 185.7% during the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company’s stock worth $1,341,000 after purchasing an additional 2,004 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Elevance Health by 15.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 6,717 shares of the company’s stock worth $2,922,000 after purchasing an additional 913 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Elevance Health by 36.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company’s stock valued at $11,991,000 after purchasing an additional 7,410 shares during the period. 89.24% of the stock is currently owned by institutional investors.

Elevance Health Price Performance

Shares of Elevance Health stock opened at $290.80 on Tuesday. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $65.48 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.08 and a beta of 0.58. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $567.26. The company has a 50-day simple moving average of $338.45 and a two-hundred day simple moving average of $384.51.

Elevance Health (NYSE:ELV) last announced its earnings results on Thursday, July 17th. The company reported $8.84 EPS for the quarter, missing the consensus estimate of $9.30 by ($0.46). The business had revenue of $49.42 billion for the quarter, compared to the consensus estimate of $48.26 billion. Elevance Health had a return on equity of 17.59% and a net margin of 2.83%. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business posted $10.12 earnings per share. Analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 10th. Elevance Health’s dividend payout ratio is 29.11%.

Insider Activity

In related news, CEO Gail Boudreaux purchased 8,500 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was acquired at an average price of $286.94 per share, with a total value of $2,438,990.00. Following the completion of the purchase, the chief executive officer directly owned 151,020 shares in the company, valued at $43,333,678.80. This trade represents a 5.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ELV shares. Argus reiterated a “hold” rating on shares of Elevance Health in a report on Monday, July 21st. Truist Financial reduced their target price on Elevance Health from $500.00 to $440.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Barclays dropped their price target on Elevance Health from $434.00 to $358.00 and set an “overweight” rating on the stock in a research note on Friday, July 18th. Wells Fargo & Company reduced their price objective on shares of Elevance Health from $478.00 to $400.00 and set an “overweight” rating for the company in a research report on Tuesday, July 15th. Finally, Robert W. Baird decreased their price objective on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating on the stock in a report on Friday, July 25th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $418.19.

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.