Highland Capital Management LLC Sells 335 Shares of Elevance Health, Inc. (NYSE:ELV)

Highland Capital Management LLC cut its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,074 shares of the company’s stock after selling 335 shares during the period. Highland Capital Management LLC’s holdings in Elevance Health were worth $8,919,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise lifted its holdings in Elevance Health by 29.9% during the second quarter. Banque Cantonale Vaudoise now owns 10,001 shares of the company’s stock worth $4,444,000 after acquiring an additional 2,300 shares in the last quarter. Institutional & Family Asset Management LLC lifted its holdings in shares of Elevance Health by 0.9% in the second quarter. Institutional & Family Asset Management LLC now owns 11,956 shares of the company’s stock valued at $5,312,000 after purchasing an additional 105 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Elevance Health by 2.1% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 41,343 shares of the company’s stock valued at $18,368,000 after purchasing an additional 856 shares in the last quarter. Iridian Asset Management LLC CT lifted its holdings in shares of Elevance Health by 7.9% in the second quarter. Iridian Asset Management LLC CT now owns 99,906 shares of the company’s stock valued at $44,387,000 after purchasing an additional 7,329 shares in the last quarter. Finally, Coastal Investment Advisors Inc. lifted its holdings in shares of Elevance Health by 24.2% in the second quarter. Coastal Investment Advisors Inc. now owns 2,677 shares of the company’s stock valued at $1,189,000 after purchasing an additional 521 shares in the last quarter. 87.80% of the stock is currently owned by institutional investors.

Elevance Health Stock Performance

Shares of NYSE:ELV traded up $5.19 during trading on Friday, reaching $458.25. 762,195 shares of the stock were exchanged, compared to its average volume of 1,242,417. Elevance Health, Inc. has a 12 month low of $412.00 and a 12 month high of $544.01. The firm has a market cap of $107.67 billion, a PE ratio of 17.99, a PEG ratio of 1.15 and a beta of 0.84. The stock has a 50-day moving average price of $449.48 and a 200-day moving average price of $453.77. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.62.

Elevance Health (NYSE:ELV) last issued its quarterly earnings data on Wednesday, October 18th. The company reported $8.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.45 by $0.54. Elevance Health had a return on equity of 20.71% and a net margin of 3.61%. The company had revenue of $42.48 billion during the quarter, compared to analysts’ expectations of $42.69 billion. During the same quarter in the previous year, the company posted $7.53 earnings per share. The business’s revenue was up 7.2% on a year-over-year basis. Research analysts expect that Elevance Health, Inc. will post 33.07 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Wednesday, December 6th will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Tuesday, December 5th. Elevance Health’s dividend payout ratio is presently 23.24%.

Wall Street Analyst Weigh In

ELV has been the topic of a number of research reports. Morgan Stanley boosted their price target on Elevance Health from $585.00 to $587.00 and gave the company an “overweight” rating in a report on Thursday, October 19th. StockNews.com initiated coverage on Elevance Health in a research report on Thursday, October 5th. They issued a “strong-buy” rating on the stock. TD Cowen lifted their target price on Elevance Health from $564.00 to $585.00 and gave the company an “outperform” rating in a research report on Monday, July 24th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $572.00 target price on shares of Elevance Health in a research report on Thursday, July 20th. Finally, Stephens reissued an “overweight” rating and set a $555.00 price target on shares of Elevance Health in a research report on Thursday, July 20th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Elevance Health currently has an average rating of “Moderate Buy” and an average target price of $564.27.

Insider Transactions at Elevance Health

In related news, CAO Ronald W. Penczek sold 64 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $454.35, for a total value of $29,078.40. Following the completion of the sale, the chief accounting officer now directly owns 2,842 shares in the company, valued at $1,291,262.70. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.35% of the company’s stock.

Elevance Health Profile

Elevance Health, Inc operates as a health benefits company. The company operates through four segments: Commercial & Specialty Business, Government Business, CarelonRx, and Other. It supports consumers, families, and communities across the entire care journey connecting to the care, support, and resources to lead healthier lives.