Pinebridge Investments L.P. Sells 15,027 Shares of Elevance Health, Inc. (NYSE:ELV)

Pinebridge Investments L.P. trimmed its holdings in shares of Elevance Health, Inc. (NYSE:ELV - Free Report) by 54.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,456 shares of the company's stock after selling 15,027 shares during the quarter. Pinebridge Investments L.P.'s holdings in Elevance Health were worth $4,595,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Flagship Wealth Advisors LLC acquired a new stake in Elevance Health during the 4th quarter valued at approximately $26,000. OFI Invest Asset Management bought a new stake in shares of Elevance Health in the 4th quarter valued at $29,000. WealthTrak Capital Management LLC bought a new position in Elevance Health during the fourth quarter worth $29,000. Lee Danner & Bass Inc. acquired a new position in Elevance Health in the fourth quarter valued at $30,000. Finally, Crews Bank & Trust bought a new stake in Elevance Health during the fourth quarter valued at $34,000. Institutional investors and hedge funds own 89.24% of the company's stock.

Insider Transactions at Elevance Health

In other news, CFO Mark Kaye sold 4,588 shares of the company's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $424.82, for a total transaction of $1,949,074.16. Following the sale, the chief financial officer now directly owns 18,977 shares in the company, valued at $8,061,809.14. This represents a 19.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ronald W. Penczek sold 443 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $415.13, for a total transaction of $183,902.59. Following the completion of the transaction, the chief accounting officer now owns 1,847 shares of the company's stock, valued at $766,745.11. This trade represents a 19.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,535 shares of company stock worth $3,521,612 over the last quarter. Corporate insiders own 0.29% of the company's stock.

Elevance Health Stock Performance

Shares of ELV traded down $0.28 on Tuesday, reaching $413.54. 1,132,700 shares of the company's stock traded hands, compared to its average volume of 1,459,162. The stock's 50 day simple moving average is $420.43 and its two-hundred day simple moving average is $406.68. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The stock has a market cap of $93.43 billion, a PE ratio of 16.15, a PEG ratio of 1.18 and a beta of 0.77.

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. Elevance Health had a return on equity of 18.28% and a net margin of 3.38%. The company had revenue of $48.77 billion for the quarter, compared to analysts' expectations of $46.26 billion. On average, analysts forecast that Elevance Health, Inc. will post 33.96 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, June 25th. Stockholders of record on Tuesday, June 10th will be given 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 1.65%. Elevance Health's dividend payout ratio is presently 26.69%.

Analysts Set New Price Targets

Several equities research analysts recently commented on ELV shares. Barclays upped their target price on Elevance Health from $512.00 to $522.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Stephens downgraded shares of Elevance Health from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $520.00 to $440.00 in a research report on Wednesday, January 22nd. StockNews.com upgraded shares of Elevance Health from a "hold" rating to a "buy" rating in a research report on Thursday, March 20th. Mizuho raised their price target on shares of Elevance Health from $455.00 to $505.00 and gave the stock an "outperform" rating in a report on Wednesday, April 9th. Finally, Wells Fargo & Company dropped their price objective on shares of Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a report on Tuesday, January 28th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of "Moderate Buy" and an average price target of $510.38.

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.