Hillsdale Investment Management Inc. Trims Position in Elevance Health, Inc. (NYSE:ELV)

Hillsdale Investment Management Inc. trimmed its position in Elevance Health, Inc. (NYSE:ELV) by 16.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,934 shares of the company’s stock after selling 390 shares during the period. Hillsdale Investment Management Inc.’s holdings in Elevance Health were worth $1,003,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sanders Capital LLC boosted its stake in shares of Elevance Health by 4.6% in the 4th quarter. Sanders Capital LLC now owns 4,457,986 shares of the company’s stock worth $2,102,208,000 after buying an additional 196,010 shares during the last quarter. Capital International Investors increased its holdings in Elevance Health by 7.9% in the 4th quarter. Capital International Investors now owns 3,374,709 shares of the company’s stock worth $1,591,237,000 after acquiring an additional 248,150 shares in the last quarter. Baillie Gifford & Co. raised its stake in Elevance Health by 0.9% during the 4th quarter. Baillie Gifford & Co. now owns 3,087,904 shares of the company’s stock worth $1,456,132,000 after acquiring an additional 27,986 shares during the period. Norges Bank purchased a new position in Elevance Health during the fourth quarter valued at approximately $1,347,434,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Elevance Health by 6.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,863,601 shares of the company’s stock worth $878,800,000 after purchasing an additional 110,462 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Elevance Health

In other news, EVP Felicia F. Norwood sold 14,111 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the sale, the executive vice president now directly owns 31,460 shares in the company, valued at $16,791,460.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares of the company’s stock, valued at approximately $16,791,460.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert L. Dixon, Jr. sold 305 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 9,721 shares in the company, valued at $4,926,213.96. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. UBS Group raised their price objective on shares of Elevance Health from $585.00 to $605.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Bank of America reiterated a “neutral” rating and set a $530.00 price objective (down previously from $646.00) on shares of Elevance Health in a report on Thursday. Truist Financial upped their target price on Elevance Health from $600.00 to $620.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a research report on Wednesday, July 10th. Finally, Robert W. Baird initiated coverage on Elevance Health in a research report on Thursday, May 30th. They set an “outperform” rating and a $649.00 price objective on the stock. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elevance Health has a consensus rating of “Buy” and an average target price of $604.29.

Elevance Health Stock Performance

Shares of ELV stock traded up $3.77 during midday trading on Monday, hitting $503.89. The company had a trading volume of 920,274 shares, compared to its average volume of 1,061,705. The company’s 50 day simple moving average is $532.42 and its 200 day simple moving average is $515.38. Elevance Health, Inc. has a 52-week low of $431.38 and a 52-week high of $555.35. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.49 and a quick ratio of 1.37. The stock has a market cap of $116.85 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 1.10 and a beta of 0.84.

Elevance Health (NYSE:ELV) last released its quarterly earnings data on Wednesday, July 17th. The company reported $10.12 EPS for the quarter, topping 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 firm had revenue of $43.22 billion for the quarter, compared to the consensus estimate of $42.99 billion. During the same quarter in the previous year, the firm earned $9.04 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. Research analysts anticipate that Elevance Health, Inc. will post 37.25 earnings per share for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend is Tuesday, September 10th. Elevance Health’s dividend payout ratio (DPR) is presently 24.64%.

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.