Allspring Global Investments Holdings LLC Decreases Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Allspring Global Investments Holdings LLC lessened its holdings in Elevance Health, Inc. (NYSE:ELV) by 38.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 35,259 shares of the company’s stock after selling 21,881 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Elevance Health were worth $15,256,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ELV. CIBC Private Wealth Group LLC lifted its stake in shares of Elevance Health by 82.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company’s stock worth $276,073,000 after purchasing an additional 326,543 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Elevance Health during the 1st quarter valued at about $299,000. GAMMA Investing LLC lifted its position in Elevance Health by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 3,390 shares of the company’s stock worth $1,475,000 after acquiring an additional 1,588 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in Elevance Health by 185.7% in the 1st quarter. Ritholtz Wealth Management now owns 3,083 shares of the company’s stock worth $1,341,000 after acquiring an additional 2,004 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in Elevance Health by 36.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,566 shares of the company’s stock valued at $11,991,000 after acquiring an additional 7,410 shares in the last quarter. Institutional investors and hedge funds own 89.24% of the company’s stock.

Elevance Health Stock Performance

Shares of ELV opened at $350.34 on Thursday. The stock has a market capitalization of $79.15 billion, a PE ratio of 13.67, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60. The business’s fifty day moving average price is $390.70 and its 200 day moving average price is $398.48. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.43 and a quick ratio of 1.43. Elevance Health, Inc. has a 12-month low of $349.62 and a 12-month high of $567.26.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $11.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.60 by $1.37. Elevance Health had a net margin of 3.23% and a return on equity of 18.61%. The company had revenue of $48.77 billion for the quarter, compared to the consensus estimate of $46.26 billion. Equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current year.

Elevance Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Tuesday, June 10th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Tuesday, June 10th. Elevance Health’s payout ratio is 26.69%.

Insider Activity

In other Elevance Health news, CFO Mark Kaye sold 4,588 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $424.82, for a total value of $1,949,074.16. Following the sale, the chief financial officer directly owned 18,977 shares of the company’s stock, valued at $8,061,809.14. This trade represents a 19.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ELV has been the topic of a number of recent research reports. Barclays reduced their target price on shares of Elevance Health from $522.00 to $480.00 and set an “overweight” rating on the stock in a research report on Monday, June 2nd. Truist Financial set a $500.00 price objective on shares of Elevance Health and gave the stock a “buy” rating in a report on Monday, June 9th. Wall Street Zen upgraded Elevance Health from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Argus set a $465.00 target price on Elevance Health in a research report on Friday, April 25th. Finally, Guggenheim reissued a “buy” rating and issued a $518.00 price target on shares of Elevance Health in a report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $498.87.

Elevance Health 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.