Bessemer Group Inc. Sells 138,897 Shares of Elevance Health, Inc. $ELV

Bessemer Group Inc. lessened its stake in Elevance Health, Inc. (NYSE:ELV) by 97.0% in the first quarter, HoldingsChannel reports. The firm owned 4,297 shares of the company’s stock after selling 138,897 shares during the period. Bessemer Group Inc.’s holdings in Elevance Health were worth $1,258,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ELV. Kemnay Advisory Services Inc. acquired a new position in shares of Elevance Health during the 4th quarter worth about $31,000. J.Safra Asset Management Corp acquired a new position in Elevance Health during the fourth quarter valued at approximately $32,000. ORG Partners LLC increased its stake in Elevance Health by 120.4% in the fourth quarter. ORG Partners LLC now owns 108 shares of the company’s stock valued at $38,000 after purchasing an additional 59 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Elevance Health in the fourth quarter valued at approximately $38,000. Finally, Dorato Capital Management acquired a new stake in Elevance Health in the fourth quarter worth $41,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Weiss Ratings upgraded shares of Elevance Health from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 18th. Leerink Partners boosted their target price on Elevance Health from $364.00 to $395.00 and gave the company a “market perform” rating in a research note on Friday, July 17th. Morgan Stanley increased their price target on Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Sanford C. Bernstein set a $488.00 price target on Elevance Health in a research report on Thursday, July 16th. Finally, Citigroup upgraded Elevance Health to a “buy” rating in a report on Wednesday, April 29th. Fifteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $440.90.

Elevance Health Price Performance

NYSE:ELV opened at $378.48 on Friday. Elevance Health, Inc. has a 52-week low of $273.71 and a 52-week high of $436.24. The company has a market cap of $82.08 billion, a P/E ratio of 16.82, a P/E/G ratio of 2.24 and a beta of 0.67. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.52 and a current ratio of 1.52. The stock’s 50-day simple moving average is $399.00 and its 200 day simple moving average is $356.37.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $7.45 EPS for the quarter, beating analysts’ consensus estimates of $6.21 by $1.24. Elevance Health had a net margin of 2.47% and a return on equity of 14.64%. The company had revenue of $49.83 billion during the quarter, compared to the consensus estimate of $48.88 billion. During the same quarter last year, the firm posted $8.84 EPS. The company’s quarterly revenue was up .8% on a year-over-year basis. As a group, sell-side analysts forecast that Elevance Health, Inc. will post 27.08 EPS for the current fiscal year.

Elevance Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 10th will be issued a dividend of $1.72 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 1.8%. Elevance Health’s payout ratio is presently 30.58%.

Insider Buying and Selling at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total value of $60,667.27. Following the sale, the director owned 10,734 shares in the company, valued at approximately $4,312,599.18. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.

About Elevance Health

Elevance Health, Inc (NYSE: ELV) is a large U.S.-based health benefits company that provides a broad range of health insurance products and related services. Headquartered in Indianapolis, the company rebranded from Anthem, Inc to Elevance Health in 2022 while continuing to operate consumer-facing health plans under established state and national brands. Gail Boudreaux serves as chief executive officer and president, leading the company’s strategic focus on integrated health care and benefit delivery.

Elevance’s core activities include offering medical and specialty health plans for individuals, employers and government programs, including Medicare and Medicaid managed-care products.