Elevance Health, Inc. (NYSE:ELV) Shares Sold by Bank of Montreal Can

Bank of Montreal Can lowered its position in shares of Elevance Health, Inc. (NYSE:ELV) by 25.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 346,139 shares of the company’s stock after selling 116,168 shares during the period. Bank of Montreal Can owned 0.15% of Elevance Health worth $187,708,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank & Trust Co acquired a new position in shares of Elevance Health during the second quarter worth $27,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Elevance Health during the fourth quarter worth $28,000. Palisade Asset Management LLC acquired a new position in Elevance Health in the first quarter valued at $28,000. Opal Wealth Advisors LLC acquired a new position in Elevance Health in the second quarter valued at $28,000. Finally, Strategic Financial Concepts LLC acquired a new position in Elevance Health in the second quarter valued at $30,000. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Trading Down 1.1 %

NYSE ELV opened at $533.73 on Tuesday. The stock has a market capitalization of $124.05 billion, a P/E ratio of 20.17, a P/E/G ratio of 1.19 and a beta of 0.82. Elevance Health, Inc. has a 52-week low of $431.38 and a 52-week high of $567.26. The firm has a 50-day moving average price of $536.25 and a 200 day moving average price of $529.70. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.58.

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

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be issued 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 1.22%. Elevance Health’s dividend payout ratio is currently 24.64%.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a filing with the SEC, which is available at this link. In other Elevance Health news, CEO Gail Boudreaux sold 34,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total value of $17,033,320.00. Following the completion of the transaction, the chief executive officer now directly owns 126,709 shares of the company’s stock, valued at $63,478,674.82. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Ramiro G. Peru sold 753 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $531.52, for a total transaction of $400,234.56. Following the completion of the transaction, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,058 shares of company stock valued at $17,588,116. Corporate insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. TD Cowen decreased their price objective 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. Bank of America restated a “neutral” rating and issued a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a research note on Thursday, July 18th. Stephens restated an “overweight” rating and issued a $615.00 price objective on shares of Elevance Health in a research note on Thursday, September 5th. Morgan Stanley initiated coverage on shares of Elevance Health in a research note on Monday, June 24th. They set an “overweight” rating and a $643.00 target price for the company. Finally, Robert W. Baird initiated coverage on shares of Elevance Health in a research note on Thursday, May 30th. They set an “outperform” rating and a $649.00 target price for the company. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $604.29.

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.