ProShare Advisors LLC Decreases Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

ProShare Advisors LLC lowered its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 2.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 33,789 shares of the company’s stock after selling 692 shares during the period. ProShare Advisors LLC’s holdings in Elevance Health were worth $18,309,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its position in Elevance Health by 34.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,062,706 shares of the company’s stock valued at $1,117,698,000 after purchasing an additional 523,910 shares during the period. Morningstar Investment Services LLC bought a new position in shares of Elevance Health during the 4th quarter valued at $239,244,000. Focused Investors Fund L P purchased a new position in shares of Elevance Health in the 1st quarter worth $249,884,000. M&G Plc bought a new stake in shares of Elevance Health in the first quarter worth $203,389,000. Finally, Maj Invest Holding A S purchased a new stake in Elevance Health during the second quarter valued at $173,753,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Elevance Health Price Performance

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

Elevance Health (NYSE:ELV) last issued its quarterly earnings data 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. The business had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. Elevance Health had a return on equity of 20.64% and a net margin of 3.89%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $9.04 earnings per share. Analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is currently 24.64%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. TD Cowen cut their price target on 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 reaffirmed a “neutral” rating and set a $530.00 target price (down from $646.00) on shares of Elevance Health in a report on Thursday, July 18th. Morgan Stanley assumed coverage on shares of Elevance Health in a research report on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $600.00 price objective on shares of Elevance Health in a research report on Friday. Finally, Barclays decreased their target price on Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $604.29.

Insiders Place Their Bets

In other news, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Gail Boudreaux sold 34,000 shares of Elevance Health stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $500.98, for a total transaction of $17,033,320.00. Following the completion of the sale, the chief executive officer now owns 126,709 shares in the company, valued at approximately $63,478,674.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was 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 disclosure for this sale can be found here. Insiders sold a total of 35,058 shares of company stock valued at $17,588,116 over the last 90 days. Insiders own 0.35% of the company’s stock.

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.