Allspring Global Investments Holdings LLC Sells 3,859 Shares of Elevance Health, Inc. (NYSE:ELV)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 4.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 82,782 shares of the company’s stock after selling 3,859 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Elevance Health were worth $39,037,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sanders Capital LLC raised its holdings in shares of Elevance Health by 1.4% in the 3rd quarter. Sanders Capital LLC now owns 4,261,976 shares of the company’s stock worth $1,855,750,000 after buying an additional 58,013 shares in the last quarter. Alliancebernstein L.P. raised its stake in Elevance Health by 13.1% during the second quarter. Alliancebernstein L.P. now owns 3,214,663 shares of the company’s stock worth $1,428,243,000 after acquiring an additional 372,937 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Elevance Health by 1.8% during the second quarter. Nuveen Asset Management LLC now owns 3,143,404 shares of the company’s stock worth $1,396,583,000 after acquiring an additional 56,204 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Elevance Health by 1.7% during the third quarter. Morgan Stanley now owns 2,784,714 shares of the company’s stock valued at $1,212,521,000 after acquiring an additional 46,322 shares during the period. Finally, Norges Bank acquired a new stake in shares of Elevance Health in the 4th quarter valued at $1,253,211,000. Institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

ELV has been the subject of several analyst reports. StockNews.com downgraded shares of Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $580.00 target price on shares of Elevance Health in a report on Wednesday. Barclays assumed coverage on Elevance Health in a report on Wednesday, March 6th. They set an “overweight” rating and a $584.00 price target for the company. Wells Fargo & Company cut their price target on Elevance Health from $561.00 to $557.00 and set an “overweight” rating for the company in a report on Monday. Finally, Royal Bank of Canada increased their price objective on shares of Elevance Health from $572.00 to $574.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $569.00.

Insider Activity at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total transaction of $376,500.00. Following the transaction, the director now owns 9,109 shares in the company, valued at $4,554,500. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.29% of the stock is currently owned by corporate insiders.

Elevance Health Stock Performance

Shares of NYSE:ELV opened at $501.96 on Friday. The stock has a market capitalization of $116.81 billion, a P/E ratio of 19.94, a P/E/G ratio of 1.12 and a beta of 0.78. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.59. Elevance Health, Inc. has a 1-year low of $412.00 and a 1-year high of $521.18. The business has a 50-day moving average price of $507.43 and a two-hundred day moving average price of $480.44.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Wednesday, January 24th. The company reported $5.62 earnings per share for the quarter, topping analysts’ consensus estimates of $5.60 by $0.02. Elevance Health had a net margin of 3.49% and a return on equity of 20.47%. The business had revenue of $42.45 billion during the quarter, compared to the consensus estimate of $42.19 billion. During the same period in the previous year, the firm posted $5.23 earnings per share. Elevance Health’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts predict that Elevance Health, Inc. will post 37.03 earnings per share for the current year.

Elevance Health Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, March 7th. This is a boost from Elevance Health’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.30%. Elevance Health’s payout ratio is 25.90%.

Elevance Health Company 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.