Sound Shore Management Inc. CT Sells 32,574 Shares of Elevance Health, Inc. (NYSE:ELV)

Sound Shore Management Inc. CT lessened its position in shares of Elevance Health, Inc. (NYSE:ELV) by 21.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 122,069 shares of the company’s stock after selling 32,574 shares during the period. Sound Shore Management Inc. CT owned approximately 0.05% of Elevance Health worth $66,144,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in shares of Elevance Health by 114.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 31,311 shares of the company’s stock valued at $14,765,000 after buying an additional 16,737 shares in the last quarter. Brave Warrior Advisors LLC grew its holdings in Elevance Health by 7.9% in the 4th quarter. Brave Warrior Advisors LLC now owns 1,756,653 shares of the company’s stock worth $828,367,000 after acquiring an additional 129,055 shares during the last quarter. New Mexico Educational Retirement Board boosted its holdings in shares of Elevance Health by 14.6% during the first quarter. New Mexico Educational Retirement Board now owns 14,146 shares of the company’s stock worth $6,949,000 after purchasing an additional 1,800 shares during the period. Bank of Nova Scotia grew its position in shares of Elevance Health by 276.0% in the 4th quarter. Bank of Nova Scotia now owns 82,331 shares of the company’s stock worth $38,823,000 after buying an additional 60,436 shares during the last quarter. Finally, Blair William & Co. IL boosted its holdings in Elevance Health by 119.7% in the first quarter. Blair William & Co. IL now owns 12,134 shares of the company’s stock valued at $6,292,000 after acquiring an additional 6,610 shares in the last quarter. 89.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Elevance Health

In related news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the completion of the transaction, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total value of $400,234.56. Following the completion of the sale, the director now directly owns 8,744 shares in the company, valued at $4,647,610.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $506.76, for a total transaction of $154,561.80. Following the transaction, the director now directly owns 9,721 shares of the company’s stock, valued at approximately $4,926,213.96. The disclosure for this sale can be found here. Insiders have sold 35,058 shares of company stock valued at $17,588,116 in the last 90 days. 0.35% of the stock is currently owned by corporate insiders.

Elevance Health Stock Up 0.3 %

ELV opened at $539.79 on Friday. The business has a 50 day moving average price of $536.19 and a 200 day moving average price of $529.08. Elevance Health, Inc. has a twelve month low of $431.38 and a twelve month high of $567.26. The firm has a market cap of $125.46 billion, a P/E ratio of 20.40, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.49 and a current ratio of 1.49.

Elevance Health (NYSE:ELV) last released its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.99 by $0.13. Elevance Health had a net margin of 3.89% and a return on equity of 20.64%. The company had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. During the same period in the prior year, the company posted $9.04 EPS. The company’s revenue was down .4% compared to the same quarter last year. Research analysts forecast that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a dividend of $1.63 per share. The ex-dividend date is Tuesday, September 10th. This represents a $6.52 annualized dividend and a yield of 1.21%. Elevance Health’s dividend payout ratio is currently 24.64%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ELV shares. Bank of America reissued a “neutral” rating and issued a $530.00 target price (down previously from $646.00) on shares of Elevance Health in a research report on Thursday, July 18th. Stephens reaffirmed an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a research note on Thursday, September 5th. TD Cowen dropped their price target on shares of Elevance Health from $624.00 to $589.00 and set a “buy” rating for the company in a research note on Friday, July 19th. StockNews.com lowered shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. Finally, Robert W. Baird assumed coverage on Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $604.29.

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.