Allspring Global Investments Holdings LLC Trims Holdings in Elevance Health, Inc. $ELV

Allspring Global Investments Holdings LLC reduced its stake in Elevance Health, Inc. (NYSE:ELV) by 20.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 10,106 shares of the company’s stock after selling 2,618 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Elevance Health were worth $3,017,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of Elevance Health by 18.1% in the 1st quarter. Bank of New York Mellon Corp now owns 2,845,280 shares of the company’s stock valued at $832,956,000 after buying an additional 436,576 shares during the period. Signet Financial Management LLC grew its position in Elevance Health by 3.5% in the 1st quarter. Signet Financial Management LLC now owns 837 shares of the company’s stock valued at $245,000 after acquiring an additional 28 shares in the last quarter. Checchi Capital Advisers LLC increased its stake in Elevance Health by 11.3% during the first quarter. Checchi Capital Advisers LLC now owns 2,194 shares of the company’s stock worth $642,000 after purchasing an additional 222 shares during the period. AMG National Trust Bank increased its stake in Elevance Health by 84.7% during the first quarter. AMG National Trust Bank now owns 7,300 shares of the company’s stock worth $2,137,000 after purchasing an additional 3,348 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of Elevance Health by 36.8% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,480 shares of the company’s stock worth $726,000 after purchasing an additional 667 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 151 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $401.77, for a total transaction of $60,667.27. Following the completion of the sale, the director directly owned 10,734 shares of the company’s stock, valued at approximately $4,312,599.18. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

Elevance Health Trading Down 0.5%

Shares of Elevance Health stock opened at $377.39 on Friday. 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 company has a market capitalization of $81.84 billion, a P/E ratio of 16.77, a PEG ratio of 2.17 and a beta of 0.67. Elevance Health, Inc. has a 1 year low of $273.71 and a 1 year high of $436.24. The company’s fifty day moving average is $398.69 and its two-hundred day moving average is $356.52.

Elevance Health (NYSE:ELV) last announced its earnings results 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 business had revenue of $49.83 billion during the quarter, compared to analysts’ expectations of $48.88 billion. During the same period in the prior year, the company earned $8.84 earnings per share. The business’s revenue was up .8% compared to the same quarter last year. Analysts forecast that Elevance Health, Inc. will post 27.04 earnings per share for the current year.

Elevance Health Announces Dividend

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

Analysts Set New Price Targets

ELV has been the subject of several recent research reports. Wall Street Zen lowered shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Bank of America increased their target price on Elevance Health from $435.00 to $460.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Royal Bank Of Canada decreased their target price on Elevance Health from $439.00 to $424.00 and set a “sector perform” rating for the company in a research note on Thursday, July 16th. Mizuho upped their price target on Elevance Health from $435.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Finally, Morgan Stanley boosted their price objective on shares of Elevance Health from $352.00 to $404.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Fifteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, Elevance Health presently has a consensus rating of “Moderate Buy” and an average price target of $440.90.

Elevance Health Profile

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.