Forsta AP Fonden Reduces Holdings in Elevance Health, Inc. (NYSE:ELV)

Forsta AP Fonden reduced its position in Elevance Health, Inc. (NYSE:ELV) by 9.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 64,000 shares of the company’s stock after selling 6,700 shares during the period. Forsta AP Fonden’s holdings in Elevance Health were worth $34,679,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Elevance Health during the 4th quarter valued at $1,347,434,000. Morningstar Investment Services LLC bought a new stake in shares of Elevance Health during the fourth quarter valued at about $239,244,000. Focused Investors Fund L P purchased a new stake in shares of Elevance Health in the first quarter worth about $249,884,000. M&G Plc bought a new position in shares of Elevance Health in the first quarter valued at approximately $203,389,000. Finally, Maj Invest Holding A S purchased a new position in Elevance Health during the second quarter valued at approximately $173,753,000. 89.24% of the stock is owned by hedge funds and other institutional investors.

Elevance Health Stock Performance

NYSE:ELV opened at $543.39 on Thursday. 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, Inc. has a twelve month low of $431.38 and a twelve month high of $567.26. The stock has a market cap of $126.01 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.19 and a beta of 0.82. The firm’s fifty day simple moving average is $534.39 and its 200 day simple moving average is $527.27.

Elevance Health (NYSE:ELV) last posted its earnings results on Wednesday, July 17th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.99 by $0.13. The firm 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 business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.04 EPS. As a group, research analysts predict that Elevance Health, Inc. will post 37.25 EPS for the current year.

Elevance Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Tuesday, September 10th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. Elevance Health’s payout ratio is 24.64%.

Analyst Upgrades and Downgrades

ELV has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $600.00 price target on shares of Elevance Health in a report on Tuesday. Barclays lowered their target price on shares of Elevance Health from $621.00 to $611.00 and set an “overweight” rating on the stock in a research note on Thursday, July 18th. Morgan Stanley began coverage on shares of Elevance Health in a research note on Monday, June 24th. They issued an “overweight” rating and a $643.00 price target for the company. Baird R W upgraded shares of Elevance Health to a “strong-buy” rating in a research report on Thursday, May 30th. Finally, Wells Fargo & Company cut their target price on shares of Elevance Health from $600.00 to $593.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $604.29.

Insider Activity at Elevance Health

In other Elevance Health news, Director Robert L. Dixon, Jr. sold 305 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the sale, the director now owns 9,721 shares in the company, valued at $4,926,213.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $531.52, for a total value of $400,234.56. Following the sale, the director now directly owns 8,744 shares of the company’s stock, valued at $4,647,610.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert L. Dixon, Jr. sold 305 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $506.76, for a total value of $154,561.80. Following the transaction, the director now owns 9,721 shares of the company’s stock, 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 in the last three months. Company insiders own 0.35% of the company’s stock.

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.