Adage Capital Partners GP L.L.C. Sells 50,428 Shares of Elevance Health, Inc. (NYSE:ELV)

by · The Markets Daily

Adage Capital Partners GP L.L.C. lessened its position in shares of Elevance Health, Inc. (NYSE:ELV – Free Report) by 34.3% in the 4th quarter, HoldingsChannel reports. The fund owned 96,629 shares of the company’s stock after selling 50,428 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in Elevance Health were worth $35,646,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in shares of Elevance Health during the third quarter worth $2,828,000. Te Ahumairangi Investment Management Ltd grew its stake in Elevance Health by 39.6% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 10,508 shares of the company’s stock worth $5,433,000 after buying an additional 2,983 shares during the last quarter. Tudor Financial Inc. purchased a new position in Elevance Health during the 3rd quarter worth $235,000. Anchor Investment Management LLC increased its position in Elevance Health by 22.9% during the 3rd quarter. Anchor Investment Management LLC now owns 6,098 shares of the company’s stock valued at $3,171,000 after buying an additional 1,135 shares in the last quarter. Finally, World Investment Advisors LLC purchased a new stake in Elevance Health in the third quarter valued at about $8,855,000. Hedge funds and other institutional investors own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ELV. Mizuho boosted their target price on shares of Elevance Health from $455.00 to $505.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 9th. Argus raised shares of Elevance Health from a “hold” rating to a “buy” rating and set a $450.00 price objective on the stock in a report on Monday, March 17th. Wells Fargo & Company cut their target price on Elevance Health from $483.00 to $478.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Baird R W cut Elevance Health from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. Finally, StockNews.com raised Elevance Health from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and an average price target of $509.44.

View Our Latest Report on Elevance Health

Elevance Health Price Performance

Shares of NYSE ELV opened at $429.08 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.50 and a current ratio of 1.45. The firm has a fifty day moving average of $419.22 and a 200 day moving average of $408.94. The firm has a market cap of $97.14 billion, a PE ratio of 16.75, a PEG ratio of 1.18 and a beta of 0.77. Elevance Health, Inc. has a one year low of $362.21 and a one year high of $567.26.

Elevance Health (NYSE:ELV – Get Free Report) last released its earnings results on Tuesday, April 22nd. The company reported $11.97 EPS for the quarter, topping analysts’ consensus estimates of $10.60 by $1.37. The business had revenue of $48.77 billion during the quarter, compared to analysts’ expectations of $46.26 billion. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. As a group, research analysts predict that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Tuesday, June 10th will be issued a dividend of $1.71 per share. The ex-dividend date is Tuesday, June 10th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.59%. Elevance Health’s payout ratio is currently 26.71%.

Insider Activity

In related news, CAO Ronald W. Penczek sold 443 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares in the company, valued at approximately $766,745.11. The trade was a 19.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $396.30, for a total transaction of $1,388,635.20. Following the sale, the executive vice president now directly owns 10,116 shares of the company’s stock, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.29% of the company’s stock.

About Elevance Health

(Free Report)

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.

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