PNC Financial Services Group Inc. Sells 1,144 Shares of Elevance Health, Inc. $ELV

PNC Financial Services Group Inc. cut its position in shares of Elevance Health, Inc. (NYSE:ELV) by 1.4% during the 2nd quarter, Holdings Channel reports. The firm owned 77,978 shares of the company’s stock after selling 1,144 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Elevance Health were worth $30,330,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. denkapparat Operations GmbH purchased a new position in shares of Elevance Health in the 2nd quarter worth approximately $608,000. Tobam lifted its holdings in Elevance Health by 417.6% during the second quarter. Tobam now owns 528 shares of the company’s stock worth $205,000 after acquiring an additional 426 shares during the period. Ranmore Fund Management Ltd purchased a new position in Elevance Health in the second quarter worth $19,448,000. Wealth Alliance LLC grew its stake in Elevance Health by 33.6% in the 2nd quarter. Wealth Alliance LLC now owns 1,596 shares of the company’s stock valued at $621,000 after purchasing an additional 401 shares during the period. Finally, M&G PLC increased its position in shares of Elevance Health by 16.8% during the 2nd quarter. M&G PLC now owns 930,293 shares of the company’s stock valued at $361,884,000 after purchasing an additional 133,992 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Insider Transactions at Elevance Health

In related news, Director Susan D. Devore acquired 1,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were acquired at an average price of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director owned 3,502 shares of the company’s stock, valued at approximately $1,093,149.30. This trade represents a 52.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price target on shares of Elevance Health from $412.00 to $403.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. Barclays dropped their target price on shares of Elevance Health from $395.00 to $385.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. Zacks Research raised shares of Elevance Health from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. The Goldman Sachs Group started coverage on shares of Elevance Health in a report on Tuesday, October 14th. They issued a “neutral” rating and a $343.00 price target on the stock. Finally, Leerink Partnrs lowered Elevance Health from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 17th. Twelve equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Elevance Health currently has an average rating of “Hold” and a consensus price target of $397.33.

Elevance Health Stock Performance

Shares of ELV stock opened at $328.16 on Friday. The firm’s 50 day moving average is $329.49 and its 200 day moving average is $342.44. The stock has a market capitalization of $72.93 billion, a P/E ratio of 13.42, a PEG ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a 12 month low of $273.71 and a 12 month high of $458.75. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Tuesday, October 21st. The company reported $6.03 earnings per share for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. Elevance Health had a net margin of 2.84% and a return on equity of 16.17%. The business had revenue of $50.09 billion during the quarter, compared to analyst estimates of $49.26 billion. During the same period in the previous year, the business earned $8.37 EPS. Elevance Health’s revenue was up 12.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Elevance Health, Inc. will post 33.96 earnings per share for the current year.

Elevance Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Elevance Health’s payout ratio is presently 27.96%.

Elevance Health 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.